SINGAPORE (Feb 28): TA Corporation, the property and construction group, has recorded losses of $4.28 million in 4Q17, compared to earnings of $3.16 million in 4Q16.
Hence, FY17’s losses widened to $21.2 million from $5.68 million in FY16.
Revenue for 4Q17 increased by 1.2% to $56.3 million from $55.6 million last year.
Cost of sales was 3.1% higher at $46.9 million compared to $45.5 million a year ago.
Hence, 4Q17 gross profit came in at $9.34, 7.5% lower than $10.1 million in the previous year.
Other income dropped 35.6% to $2.08 million compared t0 $3.23 million last year.
Other operating expenses more than doubled to $9.43 million from $4.54 million a year ago.
Exchange differences on translation of foreign operations was 99.6% lower at $7,000, compared to $1.94 million in the same period last year.
Neo Tiam Boon, CEO and executive director of TA Corp \, says, “While the outlook for the Singapore private residential property has turned positive, the group will continue to be cautious while exploring real estate development business opportunities in Singapore and overseas.”
Shares in TA Corp closed at 27 cents on Wednesday.
