Consumer essentials provider Hanwell Holdings has registered 1H20 earnings of $9.9 million, up 139.6% from the $4.1 million posted a year ago.

This translates to earnings per share (EPS) of 1.79 cents for the same period, compared to 0.75 cents last year.

Revenue for 1H20 fell 4.9% y-o-y to $215.8 million mainly attributable to the lower revenue generated from the China sector of the packaging business from Tat Seng Group due to the extended Chinese New Year holiday break in February imposed by the Chinese government.

The decline was partially mitigated by higher contributions from the company’s Singapore Consumer Business segment, which saw growth from higher demand for essential products as a result of Covid-19.

Gross profit for the half-year period saw a 13.8% y-o-y increase to $50.6 million due to lower cost of raw material for its packaging business (Tat Seng Group), and a combination of good price and cost management by the Singapore Consumer Business segment.

Other income rose 134.3% y-o-y to $3.8 million mainly due to an exchange gain for the period instead of an exchange loss in 1H19. There is also the one-off grant from the government in 1H20 to provide financial support to businesses as a result of Covid-19.

As at end June, cash and cash equivalents stood at $138.4 million.

Shares in Hanwell Holdings closed 0.5 cents higher, or 2.3% up, at 22.5 cents on August 13, prior to the announcement.