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Haw Par Q2 profit up 60% to S$82.1 million

SINGAPORE-listed Haw Par Corporation on Monday posted a 60 per cent increase in second-quarter net profit to S$82.1 million, on the back of higher dividend income from strategic investments, and higher interest income. 

Earnings per share (EPS) came in at 37.2 Singapore cents for the quarter, versus 23.4 Singapore cents in the year-ago period. 

An interim dividend of 15 Singapore cents per share has been declared, to be paid on Sept 7. This is up from 10 Singapore cents per share last year. 

Revenue for the quarter also rose 5.9 per cent to S$64.1 million, augmented by stronger foreign currencies, Haw Par said. 

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For the six months ended June 30, net profit rose 49.2 per cent to S$101.4 million, up from S$68 million last year. As a result of higher dividend income and higher interest received in Q2, other income for the half-year period increased 78 per cent to S$64.8 million.

For H1 2018, EPS stood at 46 Singapore cents, compared against 30.9 Singapore cents a year earlier, as revenue rose 2.3 per cent to S$124.1 million. 

Looking ahead, the company - with businesses in healthcare, leisure, property and investments - noted that escalating trade tensions and geopolitical pressures have given rise to volatility in stock and foreign currencies markets.

"Consequently, business and consumer sentiments may be dampened," the group said. 

Haw Par shares closed at S$13.38 apiece on Monday, up five Singapore cents or 0.4 per cent, before its financial results were announced.