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Rowsley's full-year loss narrows by 11 per cent
REAL estate-focused Rowsley's full-year net loss narrowed by 11 per cent to S$56.16 million despite a 9 per cent dip in its revenue (see amendment note).
Earnings per share for the year ended Dec 31, 2017, were 1.193 Singapore cents, down from 1.379 Singapore cents.
Revenue for FY2017 was lower at S$93.88 million compared to S$103.14 million for FY2016, mainly due to a significant slowdown in Singapore's private sector building that impacted RSP Architects Planners & Engineers Pte Ltd's (RSP) revenue. This was partly offset by growth in RSP's overseas revenue and contributions from two entities acquired by the group, Squire Mech and AC Consortium Pte Ltd.
Operating expenses rose 21 per cent to S$49.23 million for FY2017, mainly after the acquisition of Squire Mech and AC Consortium and one-off project and professional expenses of S$6.58 million arising from healthcare assets acquisition.
Net foreign exchange loss for FY2017 decreased 92 per cent to S$140,000 from S$1.7 million for a year before due to a net foreign exchange loss for FY2016 that resulted from the "Brexit" referendum.
Net asset value was 7.61 Singapore cents at the end of FY2017, down from 8.68 Singapore cents a year before.
Rowlsey had entered into a definitive agreement to acquire 100 per cent of Thomson Medical Pte Ltd and a controlling stake in TMC Life Sciences Bhd. The real estate group intends to change its name to Thomson Medical Group on completing the proposed acquisition and after securing shareholders' approval.
Rowsley closed flat at 11.9 Singapore cents on Thursday.
Amendment note: The article has been amended to reflect a narrowing of full-year net loss for Rowsley, not widening as previously stated