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Lion Asiapac posts S$1.08m Q1 profit on income tax credit

BOOSTED by an income tax credit, Lion Asiapac turned in a profit of S$1.08 million for the quarter ended Sept 30, up significantly from S$204,000 in the corresponding quarter a year ago.

This was despite a 46 per cent slide in revenue to S$4.09 million as tepid market demand resulted in lower revenue from lime manufacturing. Meanwhile, with persistent weak demand for steel, there was no revenue generated from trade. Earnings per share came to 1.33 Singapore cents, increasing from 0.25 cent a year ago.

A tax credit of S$0.47 million was recorded for accounting for temporary exchange losses due to the weakening ringgit, versus a S$0.12 million tax expense in the last corresponding quarter.

The group said that it will remain vigilant, given the backdrop of market uncertainty, weakening demand and stiff competition that continues to threaten its core business. "Efforts to divest the group's interest in its development project in China are ongoing," it added.