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Green Build back in black with 12.2m yuan profit for FY18
GREEN Build reversed its FY2017 loss of 7.2 million yuan (S$1.5 million) to report a 12.2 million yuan profit for its latest FY2018 financial results.
Consequently, the construction firm's earnings per share was 4.95 fen, compared to a loss per share of 2.98 fen for fiscal 2017.
Revenue dropped 70.1 per cent from 322.7 million yuan to 96.5 million yuan, mainly due to the substantial completion of Phase 1 of the underground utility tunnel project in FY2017.
The group reported a 298 million yuan net decrease in cash and bank balances from 301.3 million yuan to 3.3 million yuan. This is because out of the 301.3 million yuan, 300 million yuan was pledged for bank facilities in FY2017.
Bank facilities aside, it reported an increase of two million yuan, mainly due to net cash from operating activities and investing activities of 40.1 million yuan and 0.8 million yuan respectively, which was partially offset by net cash used in financing activities of 38.8 million yuan.
88 per cent of Phase 1 of the aforementioned underground utility tunnel project has been completed, with full completion expected in 2019. Upon completion, the group will manage and operate the underground utility tunnel project over a concession period of 25 years.
In addition, the group has commenced construction work on Phase 2 of the project. As at Dec 31, 2018, it has incurred approximately 38.9 million yuan in construction costs.
While the group is "optimistic of its green technology business and projects" as the market for its energy conservation services and sustainable development solution is "immensely huge" in China, it believes that the ability to obtain and/or refinance the appropriate level of financing in due course, among others, would be crucial in ensuring the smooth undertaking of such projects.
Its shares last traded flat at five Singapore cents on March 28.