SINGAPORE (May 10): Haw Par Corporation saw its earnings grow 15.9% to $19.3 million for the 1Q ended March, from $16.7 million a year ago.
1Q18 revenue dipped by 1.4% to $60.0 million, from $60.8 million a year ago, with sales slightly dented by a strong Singapore dollar.
Other income more than doubled to $2.6 million, from $1.1 million a year ago, mainly due to higher interest income and receipt of a one-off government grant.
Distribution and marketing expenses fell 12.4% to $13.1 million, from $14.9 million a year ago, as a result of lower advertisement and promotion expense.
As at end March, cash and cash equivalents stood at $456.3 million.
Looking ahead, Haw Par says performance of its Healthcare segment may continue to be impacted by geopolitical concerns and the strength of Singapore dollar.
Meanwhile, it adds that its equity investments and net asset position may continue to be affected by market volatility.
Shares of Haw Par closed 20 cents higher, or up 1.5%, at $13.56 on Thursday.
