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SIN Heng Heavy Machinery on Thursday reported a jump in net profit for the fiscal second quarter, thanks to a gain on disposal of property, plant and equipment, lower unrealised fair value loss on forward currency contracts, and stronger gross margins.
Net profit for the three months ended Dec 31, 2014, stood at S$4.81 million, compared to S$311,000 for the same period a year ago.
Its "other operating income" - through which the gain on disposal of property, plant and equipment are recorded - surged to S$1.29 million, compared to S$428,000 from a year ago.
Its "other operating expenses" also fell to S$892,000 from S$2.89 million, mainly from lower unrealised fair value loss on forward currency contracts for the eventual delivery of equipment.
Gross profit was up 43 per cent, as the increase in revenue outpaced that for costs.