SINGAPORE (May 29): Lion Asiapac, the steel trader and manufacturer of lime, posted a 22% increase in earnings to $743,000 in 3Q20 ended March, compared to $609,000 a year ago.
Revenue for the quarter fell 28% y-o-y to $4.2 million on lower sales orders.
Other income dipped 3% y-o-y to $335,000, while other gains grew 66% y-o-y to $696,000 for 3Q20.
The company has declared a one-time special dividend of 5 cents per ordinary share.
For the nine-month period ended March, other income surged 106% y-o-y to $1.7 million, primarily attributable to the reversal of impairment of $800,000, and a $200,000 increase in interest income.
The recovery of the Chinese renminbi during the third quarter resulted in an unrealised foreign exchange gain of $300,000 for the nine-month period ended March.
Costs fell in line with lower activities in steel consumables and lime manufacturing.
As at March 31, 2020, cash and cash equivalents stood at $75.2 million.
Lion Asiapac shares closed flat at 32 cents on Friday.
