First Resources Q2 earnings up 4.2 per cent to US$26.14 million

FIRST Resources' net profit for the second quarter ended June 30 rose slightly over 4 per cent year on year to US$26.14 million.

The bottom line was partly strengthened by gains on derivative financial instruments and reduced tax expenses.

For the three months ended June 30, revenue climbed 14 per cent to US$135.36 million from the previous year. The increase in revenue was mainly driven by higher sales volumes from the refinery and processing segment. The increase in sales was also partly contributed by higher average selling prices.

Q2 earnings per share inched up to 1.65 US cents from 1.58 US cents in the year-ago period.

Dividend per share sank to 0.625 Singapore cents from 1.25 cents in the previous year.

For the six-month period, net profit shrank some 36 per cent to US$31.49 million even as revenue climbed 15.5 per cent to US$248.49 million.

First Resources shares closed at S$1.63 on Friday, up half a cent.