Revenue, debt revamp boost for Swee Hong

Singapore

INCREASED progress of ongoing projects, together with a successful debt restructuring, lifted the results of construction player Swee Hong for its full financial year ended June 30.

Net profit was S$30.2 million for FY2017, a reversal from a net loss for the previous year, thanks largely to S$25.3 million "other gains" stemming mainly from a S$22.4 million scheme creditors write-off. The completion of the creditors scheme of arrangement marked the beginning of new era for the company, said Swee Hong.