A-Sonic Aerospace posted earnings of US$4.8 million ($6.7 million) for 1H20 ended June, 499% higher than the US$808,000 posted a year ago.

The surge in earnings was mainly driven by a significant increase in the company’s logistics business unit, which registered US$5.4 million compared to the US$0.6 million a year ago.

The profit generated from the business unit was offset by the company’s aviation losses of US$0.5 million, which was adversely impacted by the Covid-19 pandemic.

The higher earnings also translates to earnings per share (EPS) of 8.28 US cents, compared to the 1.38 US cents in 1H19.

1H20 revenue increased 21.2% y-o-y to US$124.0 million due to higher freight rates, generated largely from North Asia.

Total costs and expenses increased 16.8% y-o-y to $118.9 million mainly due to higher freight charges for the period.

Gross profit fell 5.3% y-o-y to US$10.9 million.

Except for the dividend already declared for FY19, which is to be paid on Sep 17, no dividend has been declared or recommended for 1H20.

Shares in A-Sonic Aerospace closed flat at 25.5 cents on Aug 11.