Hai Leck 2Q earnings up 18.2% to $2.2 mil on lower expenses

Cost of sales fell 20.6% to $10.0 million in the quarter ended Dec 31, 2016, compared to $12.6 million a year ago.

Operating expenses fell 21.2% to $10.4 million in 2Q from $13.2 million a year ago. This was mainly due to lower bonus and incentives in light of the uncertain economic outlook.

Cash and cash equivalents stood at $69.9 million as at Dec 31, 2016.

Hai Leck has declared an interim cash dividend of 2 cents per ordinary share and a special cash dividend of 3 cents per ordinary share for the period.

Looking ahead, Hai Leck says the outlook of oil and gas industry “remains uncertain”.

“The Group's results was buffered by non-oil and gas related businesses,” it adds.

Hai Leck last closed at 46 cents on Monday.