Singaporean independent lubricants blender AP Oil reported that its net profit dropped 39% to Singaporean $1 million (U.S. $714,000) for the six months ending June 30, citing the impacts of inflation and rising raw material prices.
“Amidst broad-based global inflation, raw material prices across all categories have risen and eroded profit margins,” AP Oil commented in its earnings press release. “In view of the current macroeconomic climate, we expect these conditions to persist.”
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Revenue for the first six months of this year rose 13% to S31.1 million, improving from S$27.7 million.