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GP Industries Q3 profit falls 9.4% on forex impact, absence of a large one-off gain

BATTERIES manufacturer GP Industries on Wednesday posted a 9.4 per cent slip in net profit for the third quarter on impact from currency effects and the absence of a large exceptional gain.

Net profit for three months ended Dec 31, 2015 stood at S$8.07 million, compared to S$8.91 million in the year-ago period. Revenue rose 6.3 per cent to S$272 million.

In the year-ago period, GP Batteries had made a gain of S$1.03 milion from a sale of property, plant and equipment. It record a much smaller exceptional gain from a similar disposal at S$46,000 in the third quarter. It also registered higher expenses in Singapore-dollar terms due the appreciation of the Hong Kong dollar and the renminbi against the Sing-dollar compared to a year ago.