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Advance SCT swings to the black in Q3

ADVANCE SCT Limited has swung into the black in its third-quarter earnings, from a net loss of S$340,000 to a net profit of S$158,000.

The supplier of copper-related products posted on Thursday an earnings per share (EPS) of 0.0011 Singapore cent, up from a loss per share of 0.0020 Singapore cents in Q3 16. It added that EPS for Q3 17 was calculated based on the weighted average number of about 15 billion shares.

For the three months ended Sept 30, 2017, the group's revenue increased by 48 per cent quarter-on-quarter to S$24.6 million.

"The company has written back about S$1.6 million in Q2FY2017; at the same time it made provision of about S$0.6 million in restructuring costs and potential losses through swap options that have remained unrealised in this reporting quarter.

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The group has been profitable based on its current operations and is expected to remain so for the next quarter as well as the full financial year," Advance SCT said.

The company has been in discussions with SGX for a possible lifting of suspension of trading in its shares. It is also seeking SGX's approval for a one-year extension of time up to March 3, 2018 to exit the watch-list.