Swee Hong back in the black with S$30.2m profit for FY2017
CONSTRUCTION player Swee Hong Limited registered a net profit of S$30.2 million for its financial year, a reversal from a net loss for the previous year, the group said in a Singapore Exchange filing on Wednesday morning.
It made a S$10.2 million loss for FY2016, which included a S$4.2 million loss from discontinued operations. If the latter was excluded, the group's net loss for FY2016 was nearly S$6 million.
For the 12 months ended June 30, revenue surged 44.4 per cent to S$58.9 million from the year-ago period. The increase in revenue was due to increased progress of ongoing projects, particularly the ER382 Project - construction of a new road between MacRitchie Viaduct and Adam Flyover, it said.
The group is engaged in civil engineering and microtunnelling work primarily in Singapore. It noted that the completion of a creditors scheme of arrangements during the year also marked the beginning of a new era in the company.
Earnings per share for continuing operations came in at 1.07 Singapore cents, a reversal from a loss per share of 0.21 Singapore cent for the previous year. Net asset value per share was 0.33 Singapore cent, a reversal from a loss per share of 12.22 Singapore cents a year ago.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Moderna beats quarterly estimates as cost-cutting pares losses
Weight-loss drugmaker Novo Nordisk's profits soar further
Hugo Boss profit tops expectations, but China lags
DBS customers unable to login to Digibank, PayLah! on Thursday
If inflation continues to build, the Fed won’t be able to maintain neutral stance for long
Asia markets mixed after Fed leaves rates unchanged; STI rises 0.1%