SINGAPORE (April 29): UPP Holdings reported an 80.2% earnings decline to $788,000 for 1QFY2016.

For the quarter to March, revenue rose 2% to $16.2 million, on the back of higher operating and maintenance income from the power plant business.

Gross profit margins rose five percentage points to 23%, driven by the increase in selling prices of paper mill products.

However, the group recorded net other losses of $2.5 million, compared with net other income of $1.5 million in 1QFY2015, on the back of foreign exchange losses of $2.7 million.

The group did not declare any dividends for the current financial period.

UPP’s shares closed 2.33% higher at 22 cents.