Rubber supplier Halcyon Agri Corporation has reported a steep plunge in first-quarter earnings. It put the blame on "depressed" global prices and tough market conditions.
Net profit from continuing operations fell to US$264,000 (S$353,000) for the three months to March 31, marking a sharp 98.3 per cent fall from the same period the previous year.
The group in fact ran up losses of US$1.56 million - a turnaround from the US$17.52 million in profits the year before - but was kept in the black by contributions from discontinued operations in Thailand.
Group revenue dropped by 15.6 per cent to US$429.9 million, as higher sales volume failed to fully offset the impact of lower rubber prices.
Earnings per share came in at 0.02 US cent, against 0.96 US cent the year before, while net asset value slipped to 51.96 US cents a share, compared with 52.24 US cents as of Dec 31.
Property and steel trader LTC Corp posted a third-quarter net loss of $150,000, a reversal from a profit of $1.89 million for the year-ago period. Loss per share for the three months ended March 31 was 0.1 cent, compared with earnings of 1.21 cents for the corresponding quarter last year.
Third-quarter revenue was 2.7 per cent lower at $27 million, mainly due to lower turnover for steel. The Cheng family as LTC's controlling shareholders have launched a buyout offer for the group. The offer values the shares at 92.5 cents apiece.
Frasers Logistics & Industrial Trust (FLT) posted an increase in distributable income of 3.2 per cent to A$25.9 million (S$25.9 million) in its second quarter.
Distribution per unit rose to 1.81 cents from 1.75 cents in the same period last year.
Gross revenue for the three months to March 31 climbed 6.4 per cent to A$43.6, while adjusted net property income rose 8.1 per cent to A$33.4 million. This was due to additional contributions from four completed industrial properties in Australia that were acquired in mid-June last year, as well as the Beaulieu and Stanley Black & Decker facilities, which had achieved practical completion on Oct 13 and Nov 17 last year respectively.
FLT declared a distribution of 3.61 cents per unit for the period from Oct 1, 2017 to March 31 this year, to be paid on June 26. The books closure date is May 18.