SINGAPORE (Nov 10): Haw Par Corporation, the company known for its Tiger Balm ointment, saw its earnings fall 4.4% to $40.5 million for the 3Q ended September, from $42.4 million a year ago, on higher expenses.
Revenue rose 7.4% to $53.4 million in 3Q17, from $49.7 million a year ago, on the back of stronger healthcare sales.
Distribution and marketing expenses increased by $2.2 million to $13.1 million during the quarter as a result of an increase in marketing activities at its healthcare business.
General and administrative expenses surged 85.7% to $4.3 million, mainly due to the weaker US dollar during the quarter.
As at end September, cash and cash equivalents stood at $350.0 million.
Looking ahead, Haw Par Corp says its healthcare division will continue with its advertising and promotional efforts, including launching new products in various key markets to support its growth.
Shares of Haw Par closed 8 cents lower at $12.22 on Friday.
