The group says that the improved performance is attributed to higher revenue from increased volume of maintenance activities carried out in FY2024, as well as prudence in cost control with reduction of administrative expenses.
Hiap Seng Industries has reported earnings of $20.1 million for the FY2024 ended Mar 31, 2024, a reversal from its losses of $2.56 million in the same period a year ago.
The group posted a revenue of $24.9 million, a 34.1% y-o-y growth for the full year. Gross profit nearly doubled for the FY2024 from the same period a year before, from $3.1 million in FY2023 to $6.1 million in FY2024.
