SINGAPORE (Aug 10): Cement supplier Pan-United Corporation reported earnings of $5.4 million for the 2Q ended June, up 2% from earnings of $5.3 million a year ago.
This was mainly due to the absence of a $1.7 million loss from discontinued operations, net of tax, incurred a year ago.
Revenue fell 6% to $164.8 million in 2Q17, from $175.7 million a year ago.
This was mainly due to softer demand and lower selling prices of ready mixed concrete (RMC) and cement in Singapore.
Share of results of associates close to trebled to $1.5 million in 2Q17, from $0.5 million a year ago.
As at end June, cash and cash equivalents stood at $48.8 million.
Pan-United has recommended an interim dividend of 0.5 cent per share for the period, payable on Sept 8, 2017. This is half of the interim dividend of 1 cent per share paid in the corresponding period last year.
Looking ahead, the group says it is stepping up efforts to grow its positions in Vietnam and Malaysia amid continued challenges in Singapore’s construction industry.
Shares of Pan-United closed flat at 57 cents on Thursday.
