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IPCO reverses into the red in 1Q

PC Lee
PC Lee9/14/2017 07:32 AM GMT+08  • 1 min read
IPCO reverses into the red in 1Q
SINGAPORE (Sept 14): IPCO International reported a 1Q18 net loss of $935,000 from a net profit of $34,000 a year ago on higher total cost and expenses.
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SINGAPORE (Sept 14): IPCO International reported a 1Q18 net loss of $935,000 from a net profit of $34,000 a year ago on higher total cost and expenses.

Revenue for the three months ended July rose 27.2% to $12.6 million from a year ago, led by its subsidiaries ESA Electronics which reported a 42% rise in sales. Excellent Empire, which supplies natural gas to households and industrial and commercial users also achieved sales of $7 million.

However, total cost and expenses rose 29.6% to $13.3 million, led by a 17.3% rise in expenses of raw materials and consumables used to $8.3 million and $1.4 million in foreign exchange loss.

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