SINGAPORE (Nov 12): Halcyon Agri Corporation reported earnings of US$1.7 million ($2.3 million) for the 3Q ended Sept, down 75.8% from restated 3Q17 earnings of $7.2 million due to lower margins and higher costs.  

In particular, the group’s Global Tyre Majors segment continues to experience margin compression as a result of low rubber prices, which limits the supply of raw materials to its factories. This was however partially offset in part by a higher distribution margin from the Global Non-Tyre and Specialty Tyre segment.

The overall y-o-y decline in group profit came despite 7.6% higher 3Q revenue of US$552.9 million as compared to revenue of US$513.8 million a year ago, driven by a 17.2% growth in total sales volume to 374.4 metric tonnes (mT) from 319.3 mT in 3Q17.

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