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Haw Par posts 43.4% increase in 3Q earnings to $57.2 mil on higher revenue

Samantha Chiew
Samantha Chiew11/10/2018 12:27 AM GMT+08  • 1 min read
Haw Par posts 43.4% increase in 3Q earnings to $57.2 mil on higher revenue
SINGAPORE (Nov 10): Haw Par Corporation recorded 3Q18 earnings of $57.2 million, 43.4% higher than $39.9 million in 3Q17.
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SINGAPORE (Nov 10): Haw Par Corporation recorded 3Q18 earnings of $57.2 million, 43.4% higher than $39.9 million in 3Q17.

This brings 9M18 earnings to $158.6 million, 47.0% higher than $107.9 million in 9M17.

Revenue for the quarter increased by 14.2% to $61.0 million, compared to $53.4 million last year, due to higher sales of Healthcare products in Asia.

Consequently, the cost of sales increased by 20.2% y-o-y to $24.0 million. This brings 3Q18 gross profit to $37.0 million, 10.7% higher than $33.4 million a year ago.

Other income saw a 47.9% increase to $29.7 million from $26.9 million in the previous year from higher dividend income from the group’s investment in UOB and higher interest income.

As at end-Sept the group’s cash and cash equivalents stood at $493.9 million.

Looking ahead, the group expects escalating trade tensions to continue creating volatility in the global markets. Higher commodity prices will increase cost of raw materials and affect operating margins.

Shares in Haw Par closed 9 cents higher at $12.79 on Friday.

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