In its filing on Wednesday, Halcyon Agri says the decline in 1Q sales volume is largely due to the group’s migration of its sale strategy away from long-term contract sales towards spot sales – in line with its commitment to shift the majority of its tyre-focused sales volumes to the new digital platform, HeveaConnect.
SINGAPORE (May 8): Halcyon Agri Corporation sunk into a loss of US$5.7 million ($7.8 million) for the 1Q ended March as opposed to US$1.3 million in 1Q18 earnings, due to lower revenue and higher finance costs.
Revenue fell 16% to US$399.7 million from US$475.7 million a year ago due to a 7.5% decline in revenue per metric tonnes (mT), coupled with a 9.2% decline in sales volumes which contracted to 278,355 mT in the latest quarter from 306,499 mT in 1Q18.
