SINGAPORE (Feb 16): Soon Lian Holdings posts a net loss of $2.4 million for the full year ended Dec 31, 2016, sinking further into the red from a net loss of $1.9 million a year ago.
Full year revenue fell 17.9% to $34.2 million, from $41.6 million in FY2015.
This was mainly due to a decrease in sales to customers in the marine industry as well as to stockists and traders, partially offset by an increase in sales to customers in the precision engineering industry.
In line with the decrease in revenue, gross profit dropped 15.5% to $5.8 million in FY2016, from $6.8 million a year ago.
Cash and cash equivalents stood at $2.2 million as at Dec 31, 2016.
In a filing to SGX on Thursday, Soon Lian says FY2016 had proved even more challenging than the previous financial year.
“Moving forward, we expect some challenges to moderate while others will require careful monitoring,” it says.
Meanwhile, Soon Lian says its precision engineering segment is “maintaining its promising position”, and adds that the group has positioned itself to capitalise on industry trends and opportunities.
“We will continue to leverage on our diverse global reach to mitigate the impact of the economic slowdown on any one economy or region,” it adds. “The Group believes it has aligned its resources and capabilities to best withstand the speedbumps of the current financial year.”
Soon Lian Holdings last closed at 5 cents on Wednesday.
