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Haw Par's Q2 profit leaps 88% to S$116m on disposal gain

HAW Par Corporation's second-quarter net profit jumped 87.8 per cent to S$115.9 million as exceptional gains from the partial sale of a Chinese unit outshone the conglomerate's core businesses.

On a per-share basis, Haw Par's net profit rose to 52.9 Singapore cents for the three months ended June 30, 2015. The company is maintaining an interim dividend payout of six Singapore cents per share.

Net profit for the first six months of 2015 increased by 75.1 per cent to S$129.3 million, or 59 Singapore cents per share.

Haw Par cut its stake in associated company Hua Han Bio-Pharmaceutical Holdings during the quarter to less than 10 per cent. The sale raised gains and results from associated companies to S$55.8 million in the second quarter, from S$2.4 million a year earlier.

Looking ahead, Haw Par said it expects "global uncertainties" to have a "dampening effect" on its businesses.

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The stock last traded at S$8.71 on Tuesday, down by 1.2 per cent or 11 Singapore cents, before the results were announced.

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