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Haw Par 1Q earnings up 14% to $22.1 mil on higher revenue

Samantha Chiew

SINGAPORE (May 8): Haw Par Corporation, the homegrown multinational group, reported a 14.1% rise in 1Q19 earnings to $22.1 million, compared to $19.3 million in 1Q18.

This came on the back of a 22.3% increase in revenue to $73.4 million from $60.0 million last year, due mainly to higher demand for Healthcare products.

Cost of sales rose 36.4% to $29.8 million, bringing 1Q19 gross profit to $43.6 million, 14.2% higher than $38.2 million a year ago.

Distributing and marketing expenses were 24.3% higher at $16.2 million, while general and administrative expenses increased 1.2% to $4.0 million.

As at end March, the group’s cash and cash equivalents stood at $529.4 million.

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In its outlook statement, Haw Par notes that global uncertainties could affect its operating businesses and valuation of its strategic investments. It also notes that margins for its healthcare business may decline further if the price of raw materials continue to increase.

Shares in Haw Par closed at $13.75 on Wednesday.