Halcyon Agri expects to post net loss in H1 2023
Ry-Anne Lim
RUBBER producer Halcyon Agri on Monday (Aug 7) said it is expecting a net loss after tax for the six months ended Jun 30, based on a preliminary review of its financial results.
The group said this is mainly due to margin compression as a result of sluggish rubber prices as demand globally slowed and raw material prices surged, as well as higher net financing costs as interest rates continue to rise.
It also attributed the loss to a loan to a third party, where the recoverable sum is likely to be below its carrying amount and “thus will be recognising additional impairment provision”.
Shares of Halcyon Agri closed flat at S$0.41 on Monday, before the announcement.
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