SINGAPORE (Feb 9): 800 Super Holdings announced that its 2Q18 earnings has dropped by 32% to $2.47 million from $3.63 million in 2Q17.
Revenue during the quarter declined 8.3% to $36.1 million compared to $39.4 million a year ago, mainly due to the completion of term contracts and the renewal of certain contracts at more competitive prices.
Other income increased by 178.3% to $167,000 from $60,000 last year.
Sub-contractor charges increased by 31.1% to $0.88 million from $0.67 million in the previous year, largely attributable to the acquisition of Iwash Laundry (Senoko) which was consolidated into the group in 2Q18.
See: 800 Super subsidiary to buy laundry firm for $5 mil
Other expenses was $6.03 million, 15.2% higher than $5.24 million a year ago, mainly due to the Iwash Laundry acquisition and an increase in license and professional fees.
Employee benefit expense decreased 12.7% to $18.1 million from $20.7 million last year, mainly due to lower employee headcount following the completion of term contracts as well as higher labour productivity as a result of the group’s continued efforts to optimise manpower and equipment deployment.
Barring any unforeseen circumstances, the group expected to remain profitable for the next financial reporting period
Shares in 800 Super Holdings closed at $1.14 on Friday.
