Singapore corporate earnings lower in Q1, weighed down by glovemakers, banks

COMPANIES listed on the Singapore Exchange (SGX) clocked weaker earnings overall for the first quarter ended Mar 31, 2022, with the biggest decline in net profit coming from banks and rubber glove manufacturers.

As of Thursday (Jun 2), some 121 local companies had released their results for Q1 2022. Total net profit from these companies amounted to S$7.2 billion, down 8.7 per cent from the same period a year earlier, data compiled by The Business Times showed.

Some 86 companies turned in a profit in the latest reporting period, while 35 were loss-making. Among those that were profitable, 30 companies had weaker profits than in the year-ago period.