Hafary Holdings Limited announced unaudited group earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported revenue of SGD 25,273,000 against SGD 21,766,000 a year ago. Profit before tax was SGD 510,000 against SGD 311,000 a year ago. Profit, net of tax was SGD 438,000 against SGD 269,000 a year ago. Profit, net of tax attributable to owners of the parent was SGD 455,000 against SGD 188,000 a year ago. Net cash flows used in operating activities was SGD 1,166,000 against net cash flows from operating activities of SGD 6,481,000 a year ago. Addition of property, plant and equipment was SGD 398,000 against SGD 9,875,000 a year ago. Basic and fully diluted basis earnings per share were 0.11 cents against 0.04 cents a year ago. Net asset value (NAV) as on March 31, 2017 was 12.6 cents against 12.6 cents as on December 31, 2016.

For the first quarter ended March 31, 2017, the company reported impairment losses of SGD 327,000 against SGD 197,000 a year ago. The increase in impairment loss was arising from allowance for impairment of trade receivables. The impairment of trade receivables is assessed based on specific trade receivables.