Phosphate mining company AsiaPhos on Friday reported a 116 percent surge in the second-quarter net profit due to increased sales volume and average selling prices of yellow phosphorus or P4.
Net profit attributable to owners of the company jumped to S$790,000 in the quarter ended June 30 from S$366,000 a year earlier.
Revenue for the quarter increased 67 percent to S$16.1 million.
Growth was driven primarily by the downstream segment, which grew 125 percent in revenue to S$13.6 million, on higher quantity sold and higher average selling prices of yellow phosphorus or P4.
"With production returning to full capacity with our two P4 furnaces operating on three shifts to meet the continued demand, we are upbeat about this business," Chief Executive Officer Ong Hian Eng said in a statement.
Revenue from the upstream segment fell 30 percent to S$2.5 million, due to a decrease in both the quantity and average selling prices of phosphate rocks sold.
Shares in the company closed down 2 percent at S$0.103 on the Singapore Exchange. The stock has gained 2 percent so far this year.