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First Resources posts 43% drop in 1Q earnings to $37 mil on lower revenue

Samantha Chiew
Samantha Chiew5/14/2018 10:12 PM GMT+08  • 1 min read
First Resources posts 43% drop in 1Q earnings to $37 mil on lower revenue
SINGAPORE (May 14): First Resources reported 1Q18 earnings declined 42.8% to US$27.7 million ($37.0 million) from US$48.5 million in 1Q17.
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SINGAPORE (May 14): First Resources reported 1Q18 earnings declined 42.8% to US$27.7 million ($37.0 million) from US$48.5 million in 1Q17.

Group revenue for the first quarter ended March was 30.2% lower at US$135.6 million from US$194.1 million last year, reflecting the combined effects of lower sales volumes and average selling prices.

With cost of sales declining 29.3% y-o-y to US$72.2 million, gross profit for 1Q18 came in at US$63.3 million, 31.2% lower than US$92.0 million a year ago.

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