Sysma's half-year profit up almost 10 times

CATALIST-LISTED Sysma Holdings announced on Thursday a net profit of S$4.78 million for the half year ended Jan 31, 2017. This was an increase of almost 10 times from the S$499,000 a year ago.

Earnings per share came up to 1.83 Singapore cents, up from 0.19 Singapore cent the previous year.

The construction services company said there was a higher gross profit margin of 19.8 per cent compared to 5.9 per cent the year before. It recorded a decrease in the cost of sales of about S$32.5 million in the 2017 fiscal year, which was 49.2 per cent lower than S$64 million in FY2016.

Sysma posted a half-year revenue of S$40.5 million, down 40.4 per cent from S$68 million the previous year. This was due to a decrease in revenue from property development projects 28 RC Suites and 8M Residences, which was partially offset by an increase in revenue contribution from construction projects.

Sysma's shared closed at S$0.089 on Thursday, down one Singapore cent or 11 per cent.