Pan-United Corp says the group posted a 67% rise in net profit to $23.7 million for the third quarter ending Sept 2011 from the corresponding period a year ago.
Group revenue grew by 26% y-o-y to $367.6 million, driven by higher activities from the basic building materials (BBM) and port divisions but this was partially offset by lower revenue and activity level from the shipping division.
The BBM division recorded improved sales volume from delivery of some contracts-on-hand. The division also saw higher selling prices of ready-mixed concrete, which rose in tandem with the increase in raw material costs.
The port division enjoyed healthy growth in its steel and logs cargoes as well as steady volumes for pulp and paper, which edged up port utilisation and lifted revenue.
The shipping division registered a loss due to adverse market condition and some vessels were laid up in the quarter.
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