Vibrant Group’s net profit down 42% to $3.5m in Q2
Due to lower contribution from freight and logistics.
Vibrant Group reported that its net profit dropped 42% year-on-year to $3.5m in the second quarter, dragged by lower contributions from its freight and logistics business.
Its revenue dropped 6.3% year-on-year to $47.1m.
The gross profit margin in 2Q2016 improved to 31.7% from 29.6% in the previous corresponding quarter as a result of lower cost of sales in logistics operations.
The profit from operations decreased by 26.4% to $4.5 million in 2Q2016 and 24.4% to $10.4 million in 1H2016 due mainly to lower revenue and loss in fair value on embedded derivative of convertible bond.