Halcyon Agri's Q4 profit plummets 84% to US$11.6m

Men working at a Halcyon Agri faciliy in Palembang, Indonesia.
Men working at a Halcyon Agri faciliy in Palembang, Indonesia. PHOTO: HALCYON AGRI

SINGAPORE - The absence of a one-off US$90 million net bargain purchase on the acquisition of GMG Group and Sinrio Group for fiscal 2016 dented results for Halcyon Agri Corporation for its fourth quarter.

Net profit nosedived 84.4 per cent to US$11.6 million from the year-ago period, the group said in a Singapore Exchange filing on Monday morning.

For the three months ended Dec 31, 2017, revenue grew 16.9 per cent to US$469.4 million from the previous year due to higher rubber revenue per tonne from US$1,431 a year ago to US$1,573 this year, in line with the movement of natural rubber market prices during these periods, as well as higher sales volumes compared to a year ago.

Earnings per share fell to 0.68 US cent, from 4.87 US cents in the year-ago period. Net asset value per share grew to 52.53 US cents as at Dec 31, 2017, from 39 US cents in a year ago.

The board proposed a total dividend distribution of two Singapore cents per share - comprising a final dividend of one Singapore cent per share, and a special dividend of one Singapore cent per share.

It did not declare any dividend for the previous year.

Separately, Halcyon Agri also said that it has acquired Corrie Maccoll Trading, a limited liability company incorporated in England and Wales, for £91,502 (about S$168,500).

The acquisition was funded through internal resources and is not expected to have any material impact on the consolidated net tangible assets per share or earnings per share of the group for the fiscal year ending Dec 31, 2018, it said.