Halcyon Agri Q3 profit down 75.8%

Singapore

MAINBOARD-LISTED rubber supplier Halcyon Agri Corporation's net profit dived 75.8 per cent for the third quarter ended Sept 30 to US$1.73 million from US$7.16 million a year ago as low rubber prices continue to compress its margins, the firm said on Monday.

Other factors that resulted in the lower earnings included higher finance costs due to interest rate hikes and a greater use of banking facilities to support working capital requirements of new acquisitions.

Revenue rose 7.6 per cent to US$552.9 million from US$513.8 for Q3 2017, on the back of increased sales volumes. However, the increase was offset by lower revenue per tonne, in line with the movement of natural rubber market…