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Natural Cool narrows full-year net loss by 52.5 per cent to S$5.32m

AIR-CONDITIONING services company Natural Cool Holdings narrowed its full-year net loss by 52.5 per cent to S$5.32 million on lower revenue and higher administrative expenses.

Loss per share was 2.12 Singapore cents for the year ended Dec 31, 2017 compared to 5.11 Singapore cents a year ago.

Full-year revenue fell to S$117.41 million, down 9 per cent from S$128.97 million mainly in absence of income from a number of larger projects in the aircon division.

Gross profit margins however, improved by 2.4 percentage points from 11.4 per cent for FY2016 to 13.8 per cent for FY2017 on higher margin projects for the aircon division.

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Administrative expenses rose 12.1 per cent to S$17.12 million mainly on higher legal and professional fees relating to corporate exercises, claims and litigation. Higher staff related expenses and depreciation from the newly acquired property at 87 Defu Lane 10 contributed to this increase in administrative expenses.

Net asset value per share was 8.26 Singapore cents as at Dec 31, 2017, compared to 10.37 Singapore cents a year ago.

The group expects its operating environment and conditions to be challenging for the next 12 months. It said that it will continue to enhance its efforts to promote sales and margins by improving operational efficiency and rationalising cost restructure.