GP Batteries International Reports Interim Results
GP Batteries International Ltd. (Singapore) reported its unaudited consolidated interim results for the months ended September 30, 2004. Distribution expenses for the three months ended September 30, 2004, were S$13.2 million, a decrease of 11.1% over the corresponding quarter of last year.
Profit before share of results of associates decreased by only S$3.6 million despite the decrease in gross profit by S$7.9 million for the quarter ended September 30, 2004, compared to the previous corresponding period. The share of results of associates for the three months and six months ended September 30, 2004, was S$1.1 million and S$3.2 million respectively, a decrease of 56.8% and 35.0% over the corresponding period of last year.
The profit attributable to the minority shareholders for the three months and six months ended September 30, 2004, increased by S$1.1 million and S$1.5 million respectively, mainly as a result of the increase in profit of Zhongyin Ningbo Battery Co. Ltd.