SINGAPORE (Sept 14): ecoWise Holdings saw 3Q17 losses widen to $154,000 from $13,000 a year ago, led by higher cost of sales, share of losses from associates and jointly-controlled entities and administrative expenses.
Revenue rose 4.3% to $14.5 million mainly due to higher revenue recorded by the group’s renewable energy segment and integrated environmental management solutions segment.
This was due to an increase in ISO tank heating for recurring clients, increase in electrical and heat energy consumed by Gardens by the Bay and increase in revenue from technical support services rendered.
However, cost of sales rose 7.7% to $11.9 million, leading to a 8.7% fall in gross profit to $2.6 million. Administrative expenses also widened by 13.5% to $2.05 million.
Gross profit margin came in lower at 18.0% in 3Q17 compared to 20.5% in 3Q16. This was mainly due to higher direct cost from group’s resource recovery segment from the sale of rubber compounds, retreaded tyres and other materials.
Shares in ecoWise closed at 3.6 cents on Wednesday, up 24% year to date.
