Revenue for the financial period was 1.8% lower at $10.1 million from $10.3 million a year ago. With changes in fair value of investment securities coming in at a loss of $137,000, compared to gains of $5.2 million last year, gross profit was 50.4% lower y-o-y at $5.6 million.
Hwa Hong Corporation, an investment holding company that has subsidiaries operate in general insurance, warehouse rental, packing of edible oil products, general trading in consumer products, and property management and development activities, announced that its FY2021 ended December 2021 earnings increased by 37.6% to $5.7 million from $4.2 million in FY2020.
This growth in earnings was mainly due to lower overall costs and higher contribution from the group’s associates and joint ventures.
