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Halcyon Agri back in black, records Q3 net profit of US$7.3m
HIGHER natural rubber prices and larger sales volume boosted results for Halcyon Agri in its third quarter.
Net profit was US$7.3 million, a reversal from a net loss of US$12.1 million in the previous year, the group said in a Singapore Exchange filing on Friday evening. This included a loss of US$469,000 on the group's discontinued operations.
For the three months ended Sept 30, revenue rocketed 157.7 per cent to US$482.1 million from the year-ago period. The growth in revenue was due mainly to higher natural rubber prices and larger sales volume from both newly acquired assets and existing operations, it said.
Earnings per share came in at 0.49 US cent, a reversal from a loss per share of 1.64 US cents in the previous year.
Halcyon said that it continues to realise the positive impact of certain post-merger cost-tightening and revenue synergies which, together with an improvement in operating leverage, has benefited the group's performance.
"While rubber markets continue to face short-term price volatility, as was noted in FY 2016 and H1 2017, the group is cautiously optimistic of business prospects in FY 2018," it added.