SINGAPORE (May 11): Halcyon Agri Corporation sunk into a core operating loss of US$2.6 million ($3.7 million) for the 1Q2020 ended March, a sharp swing from profit of US$5.6 million in the same period last year.

The loss was attributable to reduced rubber production during the 1Q wintering season, and decline in rubber prices. Rubber prices collapsed from a high of US$1,450 at the beginning of the year, to a four-year-low of US$1,038 as at end March.

Consequently, the group reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of US$3.5 million in 1Q2020 ended March 31, 69% lower than the US$11.3 million reported in 1Q2019

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