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Swee Hong back in the black with S$30.2m profit for FY2017

CONSTRUCTION player Swee Hong Limited registered a net profit of S$30.2 million for its financial year, a reversal from a net loss for the previous year, the group said in a Singapore Exchange filing on Wednesday morning.

It made a S$10.2 million loss for FY2016, which included a S$4.2 million loss from discontinued operations. If the latter was excluded, the group's net loss for FY2016 was nearly S$6 million.

For the 12 months ended June 30, revenue surged 44.4 per cent to S$58.9 million from the year-ago period. The increase in revenue was due to increased progress of ongoing projects, particularly the ER382 Project - construction of a new road between MacRitchie Viaduct and Adam Flyover, it said.

The group is engaged in civil engineering and microtunnelling work primarily in Singapore. It noted that the completion of a creditors scheme of arrangements during the year also marked the beginning of a new era in the company.

Earnings per share for continuing operations came in at 1.07 Singapore cents, a reversal from a loss per share of 0.21 Singapore cent for the previous year. Net asset value per share was 0.33 Singapore cent, a reversal from a loss per share of 12.22 Singapore cents a year ago.