SINGAPORE (May 9): Chew’s Group posted a 53% increase in 1H earnings to $1.6 million from $1.1 million a year ago.
Revenue inched up 3% to $16.6 million, mainly due to higher sales of designer and generic eggs of $0.3 million and spent grains of $0.1 million.
Purchase of materials increased by 67% to $3.7 million from $2.2 million, of which $0.6 million was kept as inventories.
Inventories therefore increased to $1.8 million from $1.2 million as the group built its inventories in feeds raw materials in anticipation of higher feed prices in the second half of financial year 2017.
Looking ahead, Chew’s says the group will continue to operate at the existing site while resources will continue to be channelled towards developing farm facilities at the new site.
The group is presently exploring opportunities on possible strategic alliances to enhance production efficiency at the new site.
The counter closed at 44 cents on Tuesday.
