GP Batteries net profit down 83% in Q3

GP Batteries International's third quarter net profit was S$651,000, down 83 per cent from 2015. PHOTO: ST FILE

SINGAPORE - GP Batteries International has posted a third quarter net profit of S$651,000, down 83 per cent from the same period a year ago as a sales continue to slow.

Revenue for the three months ended Dec 31 was S$193.1 million, up 1.9 per cent over the same period last year.

But in US dollar terms, revenue was down was down 7.1 per cent due to a much weaker Singapore dollar.

Sales of primary batteries rose 3.1 per cent over the quarter from a year ago. For rechargeable batteries, sales were up just 0.9 per cent.

Sales in Asia rose 7.7 per cent while sales in the Americas dipped 10.4 per cent in the third quarter.

"The primary battery market worldwide will continue to be slow growing and the group will place more emphasis on faster growing rechargeable batteries markets," GP Batteries said in a statement to shareholders after market close on Tuesday (Feb 2).

"The oversupply situation for the more mature product categories will become more apparent and very keen competition will continue."

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