Halcyon Agri Corporation Limited Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018
Halcyon Agri Corporation Limited reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company’s revenue was $429,897,000 compared to $509,176,000 for the same period a year ago. Operating profit was $2,186,000 compared to $27,344,000 a year ago. Loss before tax from continuing operations was $901,000 compared to profit of $22,980,000 a year ago. Loss from continuing operations, net of tax was $1,558,000 compared to profit of $17,524,000 a year ago. Profit attributable to owners of the company from continuing operations, net of tax was $264,000 compared to $15,322,000 a year ago. Profit attributable to owners of the company was $1,257,000 compared to $10,858,000 a year ago. EBITDA from continuing operations was $8,518,000 compared to $32,435,000 a year ago. EBITDA was $11,816,000 compared to $25,413,000 a year ago. Basic and diluted EPS from continuing operations were 0.02 cents compared to 0.96 cents a year ago. Adjusted EPS from continuing operations were 0.02 cents compared to 0.96 cents a year ago. Net cash used in operating activities was $100,219,000 compared to $150,749,000 a year ago. Capital expenditure on property, plant and equipment and plantation assets was $14,778,000 compared to $10,857,000 a year ago. Revenue decreased was mainly due to the decrease in revenue per tonne from $1,944 to $1,554, in line with the movement of the natural rubber market price during these periods. The decrease in profit before tax was mainly due to the decrease in gross profit of $25.4 million and the additional operating expenses from the newly acquired subsidiaries.