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Swee Hong sinks into red with losses in Q1 FY2020, FY2019

WATCH-LISTED construction company Swee Hong sank into the red for both FY2019 as well as its first-quarter results in FY2020, according to its financial statements released on Monday.

Net loss in Q1 for the period ended Sept 30 was S$1.45 million, compared with a profit of S$28,000 a year ago.

Revenue dived 80 per cent to S$1.56 million, on the back of a sharp drop in revenue from civil engineering projects as one of the company's major civil engineering projects nears completion.

For FY2019, the company made a net loss of S$56.85 million, compared with a profit of S$1.23 million previously.

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Revenue for the full year fell 49 per cent to S$25.14 million, due to a decline in both civil engineering and tunnelling projects.

Loss per share for FY2019 stood at 1.93 Singapore cents compared with earnings of 0.04 cent per share a year ago.

No dividend was declared for FY2019, similar to 2018.

The company had previously issued a profit guidance announcement to inform shareholders that the group would be expecting to report a net loss for FY2019.

Trading in shares of Swee Hong has been suspended since May. They last closed at S$0.003.