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Halcyon Agri sinks into red in Q3; appoints new chairman, deputy chairman
LOWER rubber prices and sales volume dented Halcyon Agri Corporation's result for its third quarter.
It sank into the red, posting a net loss of US$12.1 million, compared with a net profit of US$47,000 in the previous year, the group said in a Singapore Exchange filing on Monday.
For the three months ended Sept 30, 2016, revenue dropped 31.9 per cent to US$187.1 million from the previous year.
It posted a loss per share of 1.64 US cents, from earnings per share of 0.01 US cent in the previous year.
With the close of its voluntary general offer for GMG Global on Nov 11, Halcyon Agri's merger with Sinochem International's natural rubber assets is complete.
Said its CEO and executive chairman Robert Meyer: "We are pleased to have realised this important milestone, completing the journey we began with the announcement of the transaction in March 2016. Our focus is now on realising the strategic benefits that this merger creates and delivering value for all our stakeholders."
The group said it will conduct a strategic review of the expanded business in the fourth quarter, to optimise its assets and realise synergies in subsequent financial periods.
In a separate announcement, Halcyon Agri said its holding company Sinochem International is proposing the appointment of Sinochem International president and executive director Qin Hengde, 46, as Halcyon Agri's non-executive chairman. Mr Qin is also the non-executive chairman of GMG Global.
On top of that, Sinochem is proposing the appointment of Li Dajun, senior vice-president of Sinochem International, as the group's executive deputy chairman.
Halcyon Agri has also appointed Raymond John Ferguson as an independent director. Mr Ferguson, currently group chief banking officer and executive vice-president at Bahrain-listed Arab Banking Corporation, was CEO of Standard Chartered Bank Singapore from 2008 to 2014.
All three new appointments will take effect from Nov 15.