Haw Par Q2 earnings up 10.2% on higher operating profit, dividend income

TIGER Balm maker Haw Par Corp on Wednesday posted second-quarter net profit of S$90.5 million, up 10.2 per cent on year on higher operating profit and dividend income. 

It has announced a first and interim dividend of 15 Singapore cents per ordinary share for 2019, payable on Sept 4. 

Revenue rose 9.3 per cent to S$70.1 million, helped by continued demand for Haw Par's healthcare products. Gross profit gained 4.2 per cent to S$40.9 million, even though cost of sales increased in line with higher input costs.

The company also recorded an increase in other income, up 8.5 per cent to S$67.4 million. Most of this was dividend income.

Earnings per share for the second quarter ended June 30 stood at 40.9 Singapore cents, up from 37.2 cents a year ago. 

For the half-year, Haw Par also saw net profit rise 11 per cent to S$112.5 million year-on-year. This came with higher revenue, up 15.6 per cent to S$143.5 million, and a 9.1 per cent increase in gross profit to S$84.5 million.

Other income also rose 7.9 per cent to nearly S$70 million, thanks to gains in dividend income. 

Half-year earnings per share were 50.9 Singapore cents versus 46 cents in the previous year.