The Manufacturing segment recorded a 34.1% decrease in revenue to US$19.9 million, as a result of lower sales volume from its Indonesian subsidiary, which was partially offset by an increase in average selling price.
SINGAPORE (May 15): United Global, the lubricant manufacturer and trader in Singapore and Indonesia, reported reported 1Q19 earnings of US$2.1 million ($2.9 million), down 3.6% from a year ago.
Group revenue for 1Q19 retreated 23% to US$23.8 million, affected by lower manufacturing output, and mitigated by a significant rise in trading volume. However, gross profit margin improved by 1.0 percentage point to 19.9% lifted by the manufacturing segment.
