“The post-pandemic period saw pent-up demand amongst sectors impacted by Covid-19 and as a result, our operating environment faced persistently higher labour and subcontracting costs over the past few years. As a commitment to our customers and to meet project deadlines, the group had to hire additional manpower and subcontractors, particularly for projects secured prior to the Covid-19 pandemic, which impacted our financial performance in recent years,” says Alpina’s executive chairman and CEO Low Siong Yong.
Alpina Holdings announced losses of $230,000 for its FY2023 ended December 2023, compared to earnings of $2.0 million in FY2022. The group listed on the Catalist Board of the Singapore Exchange (SGX:S68
) (SGX) in January 2022.
The group fell into a loss, as its financial performance was impacted by higher labour costs for the contracts secured during the Covid-19 pandemic.
