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Pan-United's Q1 net profit drops 59% to S$2.04m

PAN-UNITED Corporation's (PUC) net profit for the first quarter ended March 31, 2016, sank 59 per cent to S$2.04 million, as revenue fell 12 per cent to S$181.15 million.

This was in part due to the softening of ready-mixed concrete prices - by about 10 per cent year-on-year.

Said PUC: "For the Basic Building Resources (BBR) division, although the ready-mixed concrete (RMC) and cement sales volume were comparable, the average selling price of RMC has softened by about 10 per cent year-on-year, affected largely by very competitive pricing for projects in Singapore and lower raw material costs.

"There was a 5 per cent drop in selling prices of RMC posted by Building & Construction Authority (BCA) in the three months from December 2015 to February 2016. For the whole of 2015, the BCA posted selling prices of RMC dropped by 7 per cent."

Earnings per share stood at 0.4 Singapore cent - a 56 per cent decrease from the 0.9 cent seen in Q1 2015.

No dividend was declared.