SIIC Q4 earnings dive 45.3%

SIIC Environment Holdings' net profit for the fiscal fourth quarter tumbled 45.3 per cent year on year to 31.29 million yuan (S$6.46 million) on impairment of goodwill and a near doubling in administrative and other expenses.

Impairment of goodwill relating to the engineering, procurement and commissioning (EPC) cash generating unit (CGU) rose to 6.8 million yuan from 0.3 million yuan, as the group took into account the expense to better reflect the recoverable amounts of the CGU.

Administrative and other expenses surged 99.5 per cent to 87.5 million yuan for various reasons including forex loss.