Yinda Infocomm's net loss narrows to S$2.4 million in FY 2018

CATALIST-LISTED Yinda Infocomm saw its net loss narrow to S$2.4 million for the year ended May 31, from a net loss of S$4.3 million the previous financial year, the firm announced on Monday after the market closed.

Revenue for the year rose 17.3 per cent to S$16.7 million from S$14.2 million, due mainly to higher revenue contribution from in-building construction projects and telecommunications implementation projects.

However, gross profit fell 21.9 per cent to S$2.6 million due to increased cost of sales. Gross profit margins in Thailand and the Philippines remained fairly constant, but fell in Singapore due to increased competitiveness, tougher market conditions and higher investment costs in labour.

Loss per share was 1.6 Singapore cents, compared to a loss of 2.84 Singapore cents per share in the preceding financial year.

In its results release, Yinda said it is "actively taking steps to manage its costs and streamline its business processes so as to achieve cost and operational optimisation". It will continue to focus on existing customers in Singapore, Thailand and the Philippines while exploring new markets.

"The change in controlling shareholders of the company will also bring a fresh perspective on the group's business and introduction of new customers, and help the group in its business strategy to stay relevant amidst the current economic uncertainties," said Yinda. Parent company Shanghai Yinda Science and Technology Industrial Co took over Yinda, formerly called CMC Infocomm, in 2017.