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Halcyon Agri's gross profit jumps 20.8% YoY to $64.7m  in Q1

The profit increase was on the back of higher revenue.

SGX-listed Halcyon Agri's gross profit increased by 20.8% year-on-year (YoY) to $64.7m (US$47.0m) in the first quarter (Q1) of 2022, data from its latest business update showed.

The profit increase was due to the company's higher revenue for the quarter which stood at $849.65m (US$617.3m) or an increase of 18.9% YoY from Q1 2021.

With improved gross profit, Halcyon Agri also achieved core earnings before interest, taxes, depreciation, and amortization of US$15.1m in Q1.

Looking ahead, CEO Li Xuetao sees demand for natural rubber to remain sturdy given that it is necessary for daily usage.

"The Group maintains its view that the mid to long-term supply and demand dynamics of natural rubber remains favourable, and will support its prices," the CEO added.

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