SP Corporation returns to black with Q3 net profit of $784,000

SP Corporation has posted a net profit of $784,000 in the third quarter, reversing from a loss of $297,000 previously.

Revenue for the three months to Sept 30 was up 14 per cent at $33.8 million.

Its commodities trading unit reported higher revenue of $25.6 million, up from $20.3 million in the same period last year, largely due to higher trading in natural rubber, synthetic rubber and coal.

Correspondingly, earnings for the quarter were higher.

The tyre & auto products business saw a 6 per cent drop in revenue to $8.3 million, due to lower activities in both the export and domestic markets.

However, it reported earnings which were comparable to last year's on account of higher gross margins from the domestic market.

Earnings per share amounted to 0.22 cent compared to loss of 0.08 cent previously while net asset value per share climbed to 12.55 cents compared to 11.79 cents as at Dec 31.

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