SINGAPORE (May 11): 800 Super Holdings, the comprehensive environmental solutions provider, says 3Q18 earnings declined by 37% to $3.94 million, compared to $6.25 million in 3Q17.
Revenue was 6.1% lower at $37.1 million from $39.5 million a year ago, mainly due to the completion of term contracts and the renewal of certain contracts at more competitive prices.
Other income fell 32% y-o-y to $0.07 million.
During the quarter, the group incurred other losses of $0.09 million, compared to other gains of $0.02 million last year, mainly due to foreign exchange losses from a depreciation of INR against SGD arising from its plastic recycling operations.
Purchase of supplies and disposal charges jumped 28.4% y-oy to $7.74 million.
Employee benefit expenses dropped 12.1% y-o-y to $15.7 million, mainly due to lower employee headcount following the completion of term contracts.
The industry which the group is operating – the provision of waste management, cleaning and conservancy and horticultural services – is highly competitive. The group is competing on the basis of the range and quality of services provided, timeliness of service delivery and pricing.
Barring any unforeseen circumstances, the group is expected to remain profitable for the next financial reporting period.
Shares in 800 Super closed at $1.12 on Friday.
