Rowsley reports Q1 net loss due to weaker pound and ringgit

REAL estate and investment company Rowsley on Wednesday reported a net loss of S$1.6 million for its first quarter ended March 31, 2017, compared to a net profit of S$4.8 million a year ago.

This was due in part to exchange losses from translation of the group's United Kingdom and Malaysian subsidiaries, as a result of the weakening of the sterling pound and Malaysian ringgit against the Singapore dollar.

Revenue rose 10 per cent to S$22.6 million due to contribution from Squire Mech, an engineering consultancy that went from being an associate to a group subsidiary last August.