SINGAPORE (Feb 21): Sinwa, the marine supply and logistics company, has reversed back to profitability in FY17, posting earnings of $9.5 million compared to a loss of $9.5 million in FY16.
Revenue for FY17 ended Dec hit a record $172.6 million, 13.4% higher than $152.2 million a year ago, mainly led by sales from the marine and offshore supply business in Singapore, Australia and Thailand operations.
Similarly, cost of sales was 15.1% higher, bringing gross profit for FY17 to $39.9 million, 8.0% higher than $37.0 million last year.
In FY17, the group recorded other income of $1.36 million, compared to other expenses of $17.8 million in the previous year.
In FY16, the group’s other expenses comprised the impairment allowance on its Australian properties of $2.3 million and a one-off allowance for impairment on assets held for sale of $15.1 million.
In FY17, there was only $174,000 impairment loss on the properties in Australia and a reversal of impairment of $1.4 million on the asset held for sale which was provided in prior year.
The group has proposed a final cash dividend of 0.5 cent per share.
Bruce Rann, CEO of Sinwa, says, “We will continue to seek prospects within the market, whilst maintaining our structured pragmatic approach to these opportunities.”
Shares in Sinwa closed at 24 cents on Wednesday.
