Halcyon Agri posts Q4 net profit of US$17.4m on one-off net gain

HALCYON Agri Corporation on Wednesday reported a net profit of US$17.4 million for the fourth quarter ended Dec 31, compared to a net loss of US$7.4 million a year ago.

The rubber supplier noted that it had a one-off net gain of US$46.5 million in Q4 2019, as a US$53.3 million fair-value gain from its biological assets was offset by US$8.4 million in post-merger integration costs.

Q4 revenue fell 10.3 per cent to US$0.48 million from US$0.54 million previously, while earnings per share were 1.09 US cents versus loss per share of 0.46 cent a year ago.

For the full year, the company posted a net loss of US$1.6 million, narrowing from a net loss of US$8.5 million in FY2018. Revenue was US$1.9 billion, down 10.9 per cent from US$2.1 billion previously. (see amendment note)

Full-year loss per share was 0.1 US cent compared with loss per share of 0.53 cent in the previous year.

No dividends were declared in the current financial period.

Halcyon Agri shares closed up one cent or 2.41 per cent to S$0.425 on Wednesday before the results were announced.

Amendment note: A previous version of this article incorrectly stated Halcyon Agri's full-year revenue figures in millions instead of billions. The article above has been revised to reflect the correct figures.