Haw Par posts 15.9% increase in Q1 earnings to S$19.3m

SINGAPORE-LISTED Haw Par Corporation posted a 15.9 per cent increase in net profit for the first quarter from S$16.7 million a year ago to S$19.3 million, it said on Thursday evening.

Earnings per share grew to 8.8 Singapore cents from 7.6 Singapore cents in the year-ago period.

For the three months ended March 31, revenue slipped 1.4 per cent from S$60.8 million in Q1 2017 to S$60 million.

The dip in revenue was due to a slight dent in sales due to a strong Singapore dollar, Haw Par said in its filing with the Singapore Exchange.

Other income more than doubled to S$2.6 million, mainly due to higher interest income and receipt of a one-off government grant, the maker of Tiger Balm added.

Meanwhile, Haw Par's distribution and marketing expenses for the first quarter decreased 12.4 per cent to S$13.1 million as a result of lower advertisement and promotion expense.

Net asset value per share edged up to 14.64 Singapore cents as at March 31, from 13.98 Singapore cents three months ago.

Haw Par shares ended S$0.2 or 1.5 per cent higher at S$13.56 on Thursday before the announcement.