SINGAPORE (Feb 14): Swee Hong has announced its second consecutive quarter of profitability with 2Q17 earnings of $2.1 million from its $5.5 million loss a year ago – which brings the civil engineering group’s net profit for 1H17 to $27.4 million, compared to its loss of $7.1 million in the first half of FY16.
Revenue in 1H17 grew 77% to $26.4 million compared with $14.9 million in 1H16, mainly due to increased progress of ongoing projects, which led revenue from the civil engineering and tunnelling segments to grow by $8.8 million and $2.7 million respectively.
Correspondingly, the group’s gross profit increased from $1.3 million in 1H16 to $5.9 million in 1H17, buoyed by decreased costs.
As at Dec 31, Swee Hong has an order book position which stands at $91.1 million.
“The company’s management and board is pleased with the continuing progress made during the current financial year, and will continue to strive to further improve the financial health of the group and increase the capabilities to capitalise on the wealth of new opportunities in infrastructure development,” comments Swee Hong’s executive director, Anil Agrawal.
Shares of Swee Hong closed 8.33% lower at 1 cent on Tuesday.
