Avarga Limited reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported revenue of SGD 353,849,000 against SGD 232,737,000 a year ago. Profit before income tax was SGD 6,275,000 against loss before income tax of SGD 6,359,000 a year ago. Profit attributable to equity holders of the company was SGD 1,018,000 or 0.12 cents per diluted share against loss attributable to equity holders of the company of SGD 1,616,000 or 0.19 cents per diluted share a year ago. Net cash used in operating activities was SGD 57,125,000 against SGD 32,121,000 a year ago. Purchase of property, plant and equipment was SGD 940,000 against SGD 1,209,000 a year ago The loss in the previous corresponding period was due to fair value expenses of SGD 7.5 million that had resulted from the fair value exercise of Taiga at the date of acquisition. The group's results included a foreign exchange loss of SGD 4.0 million classified under ‘other losses, net’ that arose from the translation of intercompany receivables and bank balances denominated in Canadian Dollar (CAD) and United States Dollar (USD). Excluding the effects of foreign exchange loss of SGD 4.0 million, exceptional fair value accounting charge of SGD 8.5 million relating to the acquisition exercise in the first quarter of 2017 and gain on disposal of assets held-for-sale of SGD 1.2 million recognised in the previous corresponding period, the Group's net profit would have increased by SGD 0.8 million or 11% from SGD 7.4 million for the first quarter of 2017 to SGD 8.2 million for the first quarter of 2018. The increase in the revenue was primarily due to full quarter as compared with 2 months contribution from Taiga which was acquired on January 31, 2017. Net cash used in operations was mainly due to higher working capital requirements in particularly resulted of increased account receivables and inventories attributable to Taiga. The increase in account receivables were due to increase in sales whereas the increase in inventories were due to higher commodity price.