SINGAPORE (Aug 10): Soon Lian Holdings has reversed out of the red with earnings of $33,000 for the half year ended June, compared to a net loss of $953,000 a year ago.
Revenue grew 24.2% to $20.9 million in HY2017, from $16.8 million a year ago, on the back of an overall increase in sales across all segments.
Sales to customers in the precision engineering and marine industries increased by $2.8 million and $0.7 million, respectively, while sales to stockists and traders increased by $0.6 million in HY2017.
Finance costs fell 31.3% to $0.4 million, due mainly to a decrease in interest expenses as a result of lower utilisation of bank overdraft facilities and loans from a related party.
Meanwhile, other losses fell 66.4% to $0.2 million. This comprised mainly foreign exchange adjustment loss and net loss on disposals of property, plant and equipment.
As at end June, cash and cash equivalents stood at $5.6 million.
Moving forward, Soon Lian says it will be prudent in leveraging on opportunities and managing challenges as it continues to improve cost efficiency and explore avenues of growth.
Shares of Soon Lian last closed at 8.8 cents on July 19.
