Auric Pacific’s net profit dips 30.4% to $1.6m

This is despite the impressive results of its businesses.

Despite overall notable performance by its businesses, Auric Pacific Group Limited’s net profit dropped 30.4% to $1.6 million in 2Q16 against its $2.3 million earnings in the same period a year ago.

The investment holding company said in its statement that PBT was $7.1 million excluding impairment loss on unquoted investment funds of $5.6 million. This exceeded last year’s PBT of the same period at $4.9 million.

Auric Pacific attributed the performance to operating profits of various divisions including wholesale and distribution, and manufacturing, as well as lower operating loss of its Edmontor group.

“In addition, the Group avoided losses sustained by its loss making business in Malaysia and also certain outlets in Singapore as they were rationalised last year. Food Junction Group delivered higher operating profit in Q2 2016 over the corresponding quarter in 2015 by S$2.2 million as the Foodcourt segment turned profitable while the restaurant segment reduced its losses. The closure of under-performing restaurant outlets last year prevented erosion of the better performance achieved during the quarter,” Auric Pacific added.

As at 30 June 2016, the Group’s total equity stood at S$165.2 million, which was S$4.4 million higher than the position as at 31 December 2015, Auric Pacific said.