SINGAPORE (Feb 12): Soon Lian Holdings, the supplier of aluminium alloy products, reported earnings of $1.6 million in FY17 compared to a loss of $2.4 million in FY16.
Group revenue increased by 12.3% to $38.4 million in FY17 from $34.2 million. This was mainly due to the overall increase in sales across all segments.
Sales to customers in the precision engineering industry increased by $2.0 million. Sales to customers in the marine industry increased by $2.0 million. Sales to the stockists and traders increased by $0.1 million.
Gross profit increased 17.8% to $6.8 million in FY17, largely in line with the increase in revenue. Gross profit margin increased to 17.8% in FY17 from 16.9% in FY16, mainly due to a marginal increase in the average selling price of its products.
Other gains increased by $2.0 million to $2.3 million from $0.3 million, mainly consisting of the $1.8 million gain on disposal of the group’s property at 9 Tuas Avenue 2 which was completed on Jan 4.
Other losses decreased by 63.0% to $0.8 million from $2.1 million.
As a result of the above, Soon Lian reported profit before tax of $1.9 million in FY17 as compared to a loss before tax of $2.3 million in FY16.
Shares in Soon Lian closed at 7.7 cents on Monday.
