Strong contribution from healthcare business lifts Haw Par Corp's profit

SINGAPORE - Haw Par Corp, famed for its Tiger Balm ointment, registered a 59 per cent jump in first quarter net earnings to $12.2 million, due to higher operating income and gain from dilution of an associated company.

Revenue for the three months to March 31 rose by 16.1 per cent to $38.4 million.

Profit from operations increased by 31 per cent to $12.4 million, with increased contribution from the healthcare division offsetting decline from the leisure division.

The healthcare division reported 63 per cent higher profit of $8.8 million, with a 28 per cent rise in sales to $29.9 million, mainly due to strong demand in key Asian markets.

The leisure division's profit of $700,000 was 57 per cent lower than the same period last year as a result of intense competition.

Profit from the property division of $3.3 million was 5 per cent higher.

Earnings per share rose to 5.6 cents from 3.5 cents previously while net asset value per share swelled to $11.42 compared to $11.18 as at Dec 31.