SINGAPORE (Aug 3): Hafary Holdings posted earnings of $2.7 million for the 2Q ended June, up 5.5% from the $2.5 million it recorded a year ago, on the back of higher revenue.
This brings Hafary's earnings for the first half of 2017 to $3.1 million, up 15.0% from the $2.7 million recorded in the same period a year ago.
The supplier of tiles, wood flooring and sanitary ware saw revenue for the quarter grew 8.6% to $29.8 million, compared to $27.5 million in the previous year.
This was driven by a 15.7% higher contribution from the project segment at $14.0 million, with customers including architecture firms, property developers, and construction companies.
Over the quarter, the group also registered a 2.7% higher contribution to $15.1 million from the general segment comprising home-owners as well as architecture, interior design, and renovation firms.
Cost of sales, which is computed based on purchases and related expenses, net of changes, in inventories of finished goods for the financial year, grew 6.6% to $17.5 million in 2Q17.
As at end June, cash and cash equivalents stood at $5.5 million.
In its outlook, Hafary says it remains vigilant to market changes and alert to take on any opportunities, both locally and overseas, to grow its business.
Shares of Hafary closed flat at 16 cents on Thursday.
