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Raffles United flags return to profit in FY17 after year-ago loss
BEARINGS and seals supplier Raffles United Holdings expects to report a return to profitability in 2017 from a net loss the year before, the company announced on Monday.
The rebound is supported by an increase in revenue and lower operating expenses in the year ended December 2017, said Raffles United, which was formerly called Kian Ho Bearings. The 2017 results will also benefit from the absence of non-recurring losses from disposal of assets in 2016.
The company expects to report its full-year results before the end of February.
For the six months ended June 2017, Raffles United posted a net profit of S$578,000, up from S$11,000 year ago. Revenue grew 4 per cent to S$39.2 million over the same period.
In 2016, the company reported a net loss of S$7.0 million.