Haw Par's net profits inch up 1.8% to $182m in 2019

Revenue increased 2.6% to $243m due to higher healthcare arm sales in H1 2019.

Multi-industry firm Haw Par’s net profit crept up 1.8% to $182m in 2019 from $179m the previous year, according to an SGX filing.

Revenue increased 2.6% to $243m from $237m in 2018, anchored by higher sales in its healthcare arm in the first half of 2019. However, gross profit margin fell from 61.3% to 57.2% as sales costs soared 13.5% to $104.5m in H2 2019.

Earnings per share went up $82.4 cents.

Healthcare revenue went up 3.3% to $224m due to growth in most markets during H1 2019, partially offset by lower demand in certain markets in H2, when profits declined 3.2% to $74.8m.

Haw Par’s property and leisure segment posted a 4.3% decrease in revenue to $20m mainly due to lower occupancy, partially counteracted by increase in revenue in Underwater World Pattaya due to higher visitorship. Profits fell 12.2% to $10.8m, impacted by lower rental income.