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Avarga posts 2 per cent dip in Q3 net profit
AVARGA, the former UPP Holdings, has posted net profit of S$7.7 million for the third quarter ended Sept 30. This was 2 per cent lower than the S$7.8 million net profit in Q3 FY2018.
Revenue slipped 11 per cent to S$389.6 million. Revenue from the building products business of Taiga for Q3 FY2019 decreased by 11 per cent to S$374.4 million from S$419.1 million over the same quarter last year. The decline was largely due to decreased selling prices for commodity products partially offset by the inclusion of Exterior Wood’s results, which was acquired in July 2018.
The group is also involved in the paper manufacturing and power plant businesses.
Earnings per share fell to 0.81 Singapore cent for Q3 FY2019 from 0.89 Singapore cent in Q3 FY2018.
Gross margin for 3Q2019 increased by S$8.9 million or 30% to S$38.1 million from S$29.2 million over the samequarter last year. Gross profit margin percentage increased from 7.0% for 3Q2018 to 10.2% for 3Q2019.