SINGAPORE (Aug 24): Environmental services provider 800 Super Holdings posted a 2.3% increase in earnings to $17.1 million for the full year ended June, from $16.7 million a year ago.
Revenue edged up marginally to $156.9 million in FY17, compared to $156.4 million a year ago, as revenue from new projects awarded during the year were partially offset by the completion of certain cleaning contracts.
Expenses from purchase of supplies and disposal charges fell 10.2% to $23.7 million in FY2017, mainly due to sustained cost management measures.
Other expenses decreased by 6.2% to $21.2 million in FY2017, from $22.6 million a year ago. This was mainly due to a decrease in foreign worker levies in line with lower headcount, and a decrease in motor vehicles expenses.
The lower foreign worker headcount was due to the completion of certain cleaning contracts, as well as an increase in productivity from technological initiatives undertaken the group.
Employee benefits expense rose 2.9% to $78.9 million in FY2017, mainly due to a reduced level of government grants.
As at end June, cash and cash equivalents stood at $25.1 million.
In a filing to SGX on Thursday, 800 Super says its operating environment remains “highly competitive”.
Looking ahead, the group says its waste-to-energy (WTE) plant at Tuas South is expected begin operations by the end of 2017, which would help generate new revenue streams and provide additional cost savings.
800 Super has proposed a final dividend of 3 cents per share for FY2017, 20% higher compared to the final dividend of 2.5 cents per share a year ago. Including an interim dividend of 1 cent per share in February, this brings the total dividend payout for the year to 4 cents per share.
Shares in 800 Super Holdings closed flat at $1.18 on Thursday.
