SINGAPORE (Aug 27): ISOTeam, the facilities management specialist, recorded a loss of $1.99 million in 4Q18, compared to earnings of $1.38 million in 4Q17.
This brings FY18 earnings to $1.89 million, 70.7% lower than $6.45 million in FY17.
Revenue for the quarter came in at $20.2 million, 6.8% lower than $21.7 million last year.
The decrease was mainly due to revenue of R&R and C&P business segments, which were affected by lesser work performed during the period and offset by increase in revenue of A&A business segment.
As cost of sales increased by 7.5% y-o-y to $18.0 million, 4Q18 gross profit was more than halved to $2.23 million from $2.98 million a year ago.
Marketing and distribution expenses increased by 73.9% y-o-y to $0.66 million, while finance costs was 41.3% higher y-o-y at $0.20 million.
As at June 30, the group’s cash and cash equivalents stood at $9.31 million.
The group has proposed a final cash dividend of 0.18 cents per share.
Anthony Koh, executive director and CEO, says, “We remain confident that the fundamentals of our business remain strong, given the strategic investments we have made, our strong desire to continually grow our capabilities, as well as our robust track record in the industry. We also expect to enjoy greater operational and cost efficiencies following our recent move into our new corporate headquarters in Changi, which has brought together all our business units under one roof and enabled us to consolidate and centralise our operations and administrative functions.”
As at 10.45am, shares in ISOTeam are trading 2.5 cents or 7.58% lower at 30 cents.
