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AsiaPhos turns profitable for Q2

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Ong Hian Eng, owner of Norwest, a mineral resources unit of Singapore-listed Hwa Hong, run by his family.

ASIAPHOS Limited marked a turnaround in its financial performance with a net profit of S$481,000 for the second quarter ended June 30, from a net loss of S$417,000 for the year-ago period, as revenue tripled to S$12 million.

The robust growth in revenue was contributed by both the upstream and downstream business segments.

Upstream revenue for the second quarter increased by 139 per cent year on year to S$6.5 million, driven by an increase in the quantity of phosphate rocks sold as well as higher average selling price. The group sold 89,100 tonnes of rocks in the second quarter, more than double the 43,000 tonnes sold in the same quarter last year.

As for its downstream business, revenue surged 360 per cent to S$5.5 million due mainly to the sale of P4 (a phosphate-based chemical product) and its by-products, which accounted for 93 per cent of total downstream revenue. The group sold 1,900 tonnes of P4 in the second quarter, up from 265 tonnes in the second quarter last year.

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