SINGAPORE (Feb 14): New Silkroutes Group reported an 84% fall in 2Q earnings to US$22,000 ($30,000) from US$135,000 a year ago.
Overall, group revenue in the second quarter decreased 30% to US$130.1 million.
The group’s healthcare subsidiary, led by Healthsciences International, saw net profit surge fivefold to US$376,000 as revenue jumped 91% to US$3.2 million, boosted by contributions from the six GP clinics acquired on Aug 2 2018.
However, revenue from its oil trading subsidiaries, International Energy Group and IEG Malta, declined by 31% to US$126.8 million, as a result of a sharp drop in oil prices during the period.
The combined net profit from the two subsidiaries was US$172,000.
Dr Goh Jin Hian, New Silkroutes’ CEO, says: “We are pleased that the company has turned the corner and we look forward to incorporating the contributions of our newly-acquired healthcare consumables manufacturer, Shanghai Fengwei, from next quarter. Meanwhile, we are continuing to explore projects in Singapore and the region, which will be accretive to our earnings and value.”
Shares in New Silkroutes last traded at 26 cents.
