SINGAPORE (Aug 1): Cement and ready-mixed concrete supplier Pan-United Corporation reported a twelvefold surge in earnings to $6.7 million for the 2Q19 ended June, from $0.5 million a year ago, on the back of lower costs.
Earnings per share (EPS) rose to 0.96 cent for 2Q19, from 0.08 cent in 2Q18.
2Q19 revenue slipped 4% to $210.8 million, from $219.1 million a year ago, due to lower sales volume and selling prices from the trading business.
Raw materials, subcontract cost and other direct costs fell 8% to $176.1 million, from $192.0 million a year ago, while other expenses fell 16% to $10.0 million, from $11.9 million a year ago.
As at end June, cash and cash equivalents stood at $41.3 million.
The board has recommended an interim dividend of 0.5 cent per share for the period, to be paid on Sept 12. There was no interim dividend declared in the corresponding period last year.
Looking ahead, Pan-United says it expects the construction industry to improve gradually over time, amid improving construction business optimism and a pipeline of major infrastructure projects in Singapore, Malaysia and Vietnam.
Shares in Pan-United closed flat at 33 cents on Thursday.
