You are here

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.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes