Advanced Holdings Q4 earnings plunge 85% to S$359,000

ADVANCED Holdings on late Tuesday night announced that its net profit has fallen by 85 per cent to S$359,000 for the fouth quarter ended Dec 31, 2017, down from S$2.4 million a year ago.

This came on the back of a 14 per cent decrease in revenue to S$23.1 million this year from S$27.2 million last year. The company attributed this to a lack of contribution from Applied Engineering Pte Ltd, a wholly owned subsidiary it had disposed of in January 2017. Applied Engineering had contributed a revenue of S$7.5 million for the fourth quarter last year, said Advanced.

Earnings per share came up to 0.37 Singapore cent for the quarter, compared to 2.25 cents in the previous year.

Advanced, a supplier of proprietary process equipment and clean energy solutions, has not proposed dividends for the current period.