You are here
Pan-United reports 43% rise in Q4 profit
PAN-UNITED Corporation Ltd reported a 43 per cent rise in net profit for the fourth quarter ended Dec 31, 2016 to S$3.55 million following the divestment of its tugs and barges business in December.
Revenue slipped 10 per cent to S$176.8 million, dragged by the concrete and cement (C&C) division given the continued pressure on demand and prices of ready-mixed concrete and cement in Singapore.
The bottomline was buoyed by a lower loss from discontinued operations, lower overall expenses and higher share of results of associates.
Group CEO May Ng conceded that 2016 was not an easy year for the group, especially in Sinagpore. "To fortify our fundamentals and earnings against future adverse market conditions, we remain committed to pursuing further cost improvement initiatives," she said.
"We continue to streamline our vertically integrated C&C businesses to capture value, while identifying higher margin segments to capitalise on our specialised product offerings. We will also continue to invest in innovation and new technologies."