SINGAPORE (Feb 23): Haw Par Corporation reported FY16 earnings of $125 million, a 31.8% decline from the previous year’s earnings of $183.3 million due to one-off equity accounting gains from an associate in the previous year.
Group revenue increased 12.8% to $201.6 million from $178.8 million in FY15 on better performance in Haw Par’s healthcare and property segments.
Specifically, healthcare recorded a 15.6% increase in revenue to $176.4 million after registering higher sales for in key markets, in addition to reduced operating expenditure.
Property revenue increased 24.7% to $16.9 million due to an improvement in occupancy during the year.
The group’s leisure segment made a profit of $0.9 million compared to loss of $4.3 million in FY15, mainly due to the absence of the one-off impairment charge in fixed assets of Underwater World Singapore (UWS) in 2015.
While all operating segments generated higher profits, profit from operations declined 1.6% to $137 million compared to the previous year due to lower dividend income from investments.
Haw Par has proposed a second and final dividend of 10 cents per ordinary share, which is subject to shareholders’ approval and payable on May 26.
In its outlook, the group notes a prevailing weak economic outlook and increase uncertainties in geopolitical situation, which will continue to influence the fair values of its investments and could also affect its operations.
Shares of Haw Par closed flat at $9.98 on Thursday.
