AP Oil half-year earnings fall 47% to $1.5 mil on higher raw material costs

SINGAPORE (Aug 10): AP Oil International posts earnings of $1.5 million for the half year ended June, falling 47% from earnings of $2.8 million a year ago.

Revenue grew 16% to $44.3 million in HY2017, but was outpaced by a 24% increase in cost of sales as a result of the higher manufacturing volume and an increase in raw material prices.