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Advance SCT Q2 earnings plummet 97% to S$34,000

A STEEP drop in unrealised foreign exchange gain dampened results for Advance SCT, a supplier of copper-related products, in its second quarter.

Net profit slumped 96.6 per cent to S$34,000 from the previous year, the group said in a Singapore Exchange filing on Thursday evening.

This was due to a steep drop in its other income segment, which comprised mainly unrealised foreign exchange gain of US dollars versus Singapore dollars.

Other income fell by about S$1 million compared to the corresponding period last year because of a waiver of debt in Q2 FY17.

For the three months ended June 30, revenue rose 13 per cent to S$16.9 million from the year-ago period. The growth in revenue was due to higher trading volume for metal products, it said.