MAINBOARD-LISTED rubber supplier Halcyon Agri Corporation has reported a steep plunge in first-quarter earnings. It put the blame on “depressed” global prices and tough market conditions.
Net profit from continuing operations plummeted to US$264,000 for the three months to March 31, according to unaudited results out on Monday – marking a sharp 98.3 per cent fall on the same period the previous year.
The group in fact ran up losses of US$1.56 million – a turnaround from the S$17.52 million in profits the year before – but was kept in the black by contributions from discontinued operations in Thailand, where the Teck Bee Hang processing business is now classified as an asset held for sale.
Meanwhile, Halcyon Agri’s group revenue dropped by 15.6 per cent year-on-year to US$429.9 million, from US$509.2 million previously, as higher sales volume failed to fully offset the impact of lower rubber prices.
