SP Corporation reports 9% revenue decline on weaker commodities trading

SINGAPORE - SP Corporation posted a 9 per cent drop in revenue to $119.7 million for the year due to a decline in commodities trading activities.

The industrial and engineering services group said that net profit was 31 per cent lower at $1.5 million for the 12 months to Dec 31, exacerbated by losses from the tyre distribution unit, it said on Wednesday.

Revenue for its commodities trading unit fell from $104.1 million in 2014 to $99.8 million, mainly due to lower turnover from coal and metal trading despite an increase in coal trading volume.

Sales from its tyre distribution unit fell 29 per cent to $19.9 million due to weak demand and intense competition in both export and domestic markets.

Earnings per share was 4.18 cents for the year compared with 6.07 cents a year earlier.

Net asset value per share was $1.43 at Dec 31, up from $1.36 a year earlier. No dividend was declared for the period.