ISOTeam, in its FY2021 ended June, announced that it has managed to narrow its losses by 32.5% to $14.5 million from a loss of $21.6 million in FY2020.
Revenue for the period increased by 8.0% to $99.0 million from $91.7 million a year ago, mainly due to increase in revenue from its repars & redecoration (12.2%), addition & alteration (20.9%) and others (6.9%) segments. This was partially offset by a decrease in revenue from the group's coating & painting (C&P) business segment by 36.6%.
Other income saw a significant increase to $6.3 million from $1.6 million last year, mainly due to the increase in fair value gain on investment in securities, gain on distribution from other investment, gain on disposal of a property and government support schemes.
As at end-June, cash and cash equivalents stood at $13.9 million, while order book stood at $165.2 million with projects to be delivered over the next two years.
Anthony Koh, executive director and CEO of ISOTeam says, "FY2021 was very tough for the construction and built-environment industry. While data from the Ministry of Trade and Industry showed that the construction sector expanded in 2Q2021, the industry is far from pre-Covid-19 levels. The group continued to be impacted by the prolonged Covid-19 situation and the resultant border controls which had led to supply chain disruptions and labour shortages. This not only caused delays in the completion of projects but also significant cost increases during the period under review."
"Nevertheless, we are encouraged by our second half performance as it reflected green shoots of recovery in the industry. The group is optimistic that the situation will continue to get better as vaccinations rates rise and countries and economies gradually open up. We have observed an increasing number of projects up for tender as activities slowly resume and we aim to actively tender for these to beef up our order book,” adds Koh.
"Besides focusing on delivering the projects in our order book and securing more tenders, we have implemented cost cutting measures including salary adjustments for the management team. At the same time, we are seeking more areas where we can digitalise our operations so that we can become more efficient and less reliant on labour," he says.
Photo: The Edge Singapore/ Albert Chua
