Asiatic Group's profit down 11.32% to $0.92m

Blame the higher cost of sales.

Asiatic Group Holdings' profit from operations decreased 11.32% YoY to $0.92m in 1H2018.

According to its financial statement, cost of sales rose 1.69% YoY to $12m in 1H2018 due to higher direct operating expenses.

Revenue also declined by 4.89% YoY to $18.59m in 1H2018 due to a decrease in revenue contributions from fire-fighting and protection segment in light of depressing market conditions for the marine and oil gas industries.

The company also registered a $0.3m foreign exchange loss for the financial period following a weakening of the US dollar.

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