SINGAPORE (Aug 10): United Global posts earnings of US$3.6 million ($4.9 million) for the 1H ended June, up 33.7% from earnings of US$2.7 million a year ago.
Revenue grew 8.3% to US$45.8 million in 1H17, from US$42.3 million a year ago.
This was attributable to a 27.1% increase in manufacturing revenue to US$27.0 million, mainly due to an increase in both sales volume and average selling price.
The increase was partially offset by a 10.7% drop in trading revenue to US$18.8 million, mainly due to decrease in sales volume on lower trading volume of lubricants.
Gross profit rose 27.9% to US$7.9 million, on the back of a 2.7 percentage point improvement in gross profit margins to 17.2% in 1H17.
As at end June, cash and cash equivalents stood at US$10.6 million.
United Global has declared an interim dividend of 0.5 cent per share, to be paid on Sept 5, 2017.
Looking ahead, the group says it will continue to remain cautious in its operational and investment approach, as strive to manage its financial resources prudently and efficiently, amid challenging business conditions in the region.
Shares of United Global last closed at 25.4 US cents on Aug 4.
