Pan-United Corp Q2 net profit edges up

CONCRETE supplier Pan-United Corp reported a 2 per cent year-on-year rise in net profit to S$5.35 million for the second quarter ended June 30.

When comparing profit from continuing operations (net of tax), net profit would have fallen 24 per cent. This is because the corresponding quarter a year ago included a loss from a business which has since been disposed.

Revenue was 6 per cent lower at S$164.76 million while earnings per share fell to one Singapore cent for the quarter, down from 1.2 cent previously.

For the six months ended June 30, net profit was up 16 per cent year-on-year to S$8.48 million, but down 22 per cent when comparing profit from continuing operations (net of tax).

Group revenue was 10 per cent lower at S$318 million, mainly due to softer demand and lower selling prices of ready mixed concrete and cement in Singapore.

A dividend of S$0.005 has been declared, payable Sept 8.