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Sinwa returns to profit on increased sales from marine and offshore supply business

OFFSHORE supply and logistics player Sinwa logged full-year net profit of S$9.5 million, reversing a loss of S$9.5 million a year earlier.

In the previous financial year, the loss was mainly due to an impairment allowance on the group's properties in Australia and a one-off allowance for impairment on assets held for sale.

Revenue rose 13.4 per cent year-on-year to S$172.6 million as the group saw increased sales from its marine and offshore supply business in Singapore, Australia and Thailand.

Earnings per share came in at 2.79 cents for the year, from a loss per share of 2.79 cents in the preceding year. Net asset value per share was 24.32 cents as at Dec 31, up from 21.88 cents on the same date a year earlier.

The company is proposing a final dividend of 0.5 cent per share. Together with an interim dividend of 0.5 cent per share, total dividends declared for the year come up to one Singapore cent per share.

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