Swee Hong swings to net loss of S$5.51m as expenses swell

CIVIL engineering group Swee Hong sank to a net loss of S$5.51 million for the second quarter ended Dec 31, 2015, from a net profit of S$208,000 in the corresponding period a year earlier.

This was despite an 11 per cent increase in revenue to S$9.8 million. Revenue from its civil engineering segment grew 72 per cent to S$9.28 million in Q2 FY2016, mainly due to increased progress of ongoing projects, particularly at Bukit Brown.

This helped to offset an 84 per cent decrease in tunnelling revenue to S$517,000.

Administrative and finance expenses for the quarter surged 178 per cent and 171 per cent, respectively, to S$6.12 million and S$472,000.

Loss per share stood at 1.49 Singapore cents, compared to an earnings per share of 0.06 Singapore cents in the corresponding quarter a year ago.

No dividend was declared.