Tiger Balm maker Haw Par reports 7.3 per cent rise in Q2 net profits

SINGAPORE - Haw Par Corp has posted a net profit of S$51.9 million in the second quarter, up 7.3 per cent from a year earlier.

Revenue in the three months ended June 30 was S$60.5 million, up 15 per cent year on year owing to higher sales of Tiger Balm products following the expansion in distribution network and increase in marketing activities.

This was partially offset by lower revenue from the leisure business.

Earnings per share was 23.6 Singapore cents, up from 22.1 Singapore cents a year earlier.

Net asset value per share was S$12.90 as at June 30, up from S$11.29 as at Dec 31 last year.

An interim dividend of 10 Singapore cents per share has been declared, unchanged from a year ago.

Haw Par noted that the key markets where its healthcare business operates depend on continued tourist inflows and geopolitical stability in order to sustain growth.