SINGAPORE (Aug 3): Thakral Corporation posts earnings of $2.7 million for the 1H ended June, from $0.2 million a year ago, on the back of higher margins.
Revenue came in at $71.4 million in 1H17, down from $134.4 million a year ago.
In a filing to SGX on Thursday, Thakral says the decline was mainly due to the continuing shift to higher margin products by its lifestyle division.
As a result of the shift, Thakral’s lifestyle division turned in a profit of $0.3 million in 1H17, compared to a loss of $2.1 million a year ago.
Gross profit improved by 11% to $19.9 million in 1H17, from $17.9 million a year ago.
As at end June, cash and cash equivalents stood at $6.1 million.
Thakral has declared an interim dividend of 2 cents per share for the period, payable on Aug 21.
“Despite the tough economic conditions, our group remains resilient with the performance of both investment and lifestyle divisions meeting management’s expectations,” says Natarajan Subramaniam, independent non-executive chairman of Thakral.
Looking ahead, the group says it will continue with its prudent measures to improve its growth and profitability in view of the political risks and global market gyrations.
Shares in Thakral closed 1.5 cents higher at 40.5 cents on Thursday.
