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Haw Par net profit up 43% in Q3

TIGER Balm maker Haw Par Corp has posted a net profit of S$57.2 million in the third quarter, up 43.4 per cent from the same period a year earlier on a jump in operating profits as well as dividend income from its holdings in United Overseas Bank.

Revenue in the three months ended Sept 30 rose 14.2 per cent to S$61 million, on the back of higher sales of healthcare products in Asia. However, gross profit fell 10.7 per cent to S$37 million as raw materials prices rose in line withhigher commodity prices and lower supply, so gross margin on sales narrowed from 63 per cent to 61 per cent.

Other income rose 47.9 per cent to S$39.7 million. Most of this was dividend income from the group’s investment inUOB.

Earnings per share was 25.9 Singapore cents, up from a restated 18.2 cents in the third quarter last year.

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Net asset value per share was S$14.29 as at Sept 30, up from a restated S$13.98 as at Dec 31 last year.

Haw Par shares rose nine Singapore cents to close at S$12.79 before results were announced after market close.