In its 1Q financial filings released on Wednesday, Pan United suggests the lower revenue is in line with the Building and Construction Authority’s (BCA) projections for FY17, which included lower RMC demand in Singapore of 12-13.5 million sq m compared to 14 million sq m in 2016.
SINGAPORE (May 3): Pan United Corporation, the cement and ready-mixed concrete (RMC) supplier, posted $3.1 million in earnings for the 1Q ended March, 19% down from $3.8 million a year ago.
Revenue for the quarter fell 14% to $153.2 million compared to $178.5 million in the previous year, mainly due to lower RMC and cement demand and selling prices in Singapore in spite of higher sales volume in the group’s overseas RMC operations.
