Haw Par Corp reports lower Q2 earnings of $52.6 million

Haw Par Corporation's second quarter net earnings fell by 8.7 per cent to $52.6 million.

This was despite revenue rising 9.6 per cent to $40 million for the three months to June 30.

Profits from operations increased by 18 per cent to $54.8 million, mainly due to higher turnover at healthcare division and higher dividend income from investments.

However, net profits fell due to the non-inclusion of the contribution from a HongKong associate who only publishes six monthly results with a later reporting timeline.

Earnings per share declined to 24.1 cents from 26.5 cents previously while net asset value per share climbed to $10.71 compared to $10.34 as at Dec 31.

Looking ahead, Haw Par noted that the recoveries of global economies remain uncertain.

This notwithstanding, the healthcare division is expected to see healthy growth as a result of sustained advertising and promotion efforts.

Its leisure division may suffer further setbacks with the intense competition.

An unchanged interim dividend of six cents a share was declared.