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Haw Par Corp's Q1 profit up 21.8% on higher sales of Tiger Balm products
HAW Par Corporation on Thursday evening posted a 21.8 per cent rise in net profit to S$17.3 million, for the first quarter ended March 31, 2017.
The increase in Q1 profit was driven by higher revenue during the quarter. Revenue for the group rose 16.3 per cent to S$60.8 million, on the back of increased sales of its Tiger Balm products. Haw Par said that increased distribution and enhanced marketing activities contributed to the higher sales.
This was partially offset by lower revenue from its leisure business segment - a result of the cessation of business at Underwater World Singapore in June last year.
Meanwhile, distribution and marketing expenses increased 19.9 per cent to S$14.9 million, mainly due to higher marketing expenses to drive sales in its healthcare business arm.
Earnings per share climbed to 7.9 Singapore cents from 6.5 Singapore cents a year ago. Haw Par's stock closed at S$10.49 on Thursday, up S$0.13.