SINGAPORE (Feb 23): AP Oil posts earnings of $3.5 million for the full year ended Dec 31, 2016, a 17% decline from earnings of $4.2 million a year ago.
Full year revenue fell 8% to $79.1 million, from $85.7 million a year ago.
This was due mainly to lower franchising volume and lower selling prices during the year.
Distribution costs fell 21% in line with the decrease in franchising volume, and discontinued storage tank rental incurred by Heptalink.
Cash and cash equivalents stood at $37.7 million as at Dec 31, 2016.
Looking ahead, AP Oil says it has “re-aligned its business strategies and taken cost improvement measures to address the challenges brought about by the economic slowdown”.
“Management is making every effort conscientiously to bolster the overall performance of the Group in the challenging year ahead,” AP Oil says in a filing to SGX on Thursday.
AP Oil has proposed a final dividend of 0.75 cent per ordinary share, bring total dividends for the year to 1.25 cents per ordinary share. The group had declared total dividends of 0.50 cent per ordinary share a year ago.
AP Oil closed 1 cent lower at 26 cents on Thursday.
