Hafary Holdings Ltd. announced unaudited consolidated earnings results for first quarter ended March 31, 2016. For the quarter, the company reported revenue of SGD 21,766,000 against SGD 25,540,000 for the same period a year ago. Profit before tax was SGD 311,000 against SGD 1,442,000 for the same period a year ago. Profit, net of tax attributable to owners of the parent was SGD 269,000 against SGD 1,292,000 for the same period a year ago. Net cash flows from operating activities were SGD 6,481,000 against SGD 3,163,000 for the same period a year ago. Purchase of property, plant and equipment was SGD 9,875,000 against SGD 713,000 a year ago. Earnings per ordinary share on a basic and fully diluted basis were 0.04 cents against 0.26 cents a year ago. Net asset value per ordinary share based on the total number of share in issue was 11.7 cents. The lower profit before income tax was largely due to decrease in revenue during first quarter of 2016 and increase in employee benefits expenses and other expenses.

For the quarter, the company reported impairment losses of SGD 197,000 against SGD 345,000. The impairment losses were mainly comprised of allowance for impairment of inventories.