Hiap Seng narrows Q2 losses, to undergo restructuring

Singapore

HIAP Seng Engineering narrowed its losses to S$8.5 million from S$22.3 million for the second quarter ended Sept 30, on the back of higher revenue and lower operating costs.

Turnover rose 35.2 per cent to S$36.2 million, mainly owing to higher recognition of revenue. Hiap Seng is a service provider of mechanical engineering, plant fabrication and installation, and plant maintenance to the oil and gas, petrochemical and pharmaceutical industries.

Gross loss for the watch-listed group narrowed to S$5.4 million from S$17.2 million, a change of 68.8 per cent, due to lower operating costs. The gross loss reported this quarter included provision for liquidated damages and claims amounting to S$4 million, which are cur…