Qian Hu earnings dive on higher raw material costs
Published on Jul 14, 2014 8:29 PM
SINGAPORE - Higher raw material costs and foreign exchange losses weighed down earnings at ornamental fish seller Qian Hu Corporation in the second quarter.
Net profit plunged 73.5 per cent from the preceding quarter to $22,000 in the three months to June 30, the firm said in a Singapore Exchange filing on Monday.
Revenue dipped marginally to $21.1 million, 0.6 per cent lower compared with the previous year.
Qian Hu said in a statement that higher costs of raw materials such as resin had led it to raise the prices of its plastics products. As a result, sales of those items fell 30.6 per cent in the quarter.
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