Meanwhile earnings for the FY2023 still stood at a loss of $12.1 million, although this is an 86% improvement from the loss of $84.7 million in the FY2022.
Tiong Seng has reversed into earnings of $3.5 million for the 2HFY2023 ended Dec 31, 2023, compared to the loss of $40.7 million in the corresponding period the year before. The earnings was due to higher revenue and lower operating expenses.
Revenue for the 2HFY2023 grew by 52% y-o-y to $314.4 million on higher revenue from construction contracts and engineering solutions and higher rental income. This was, however, offset by lower revenue from sales of development properties. The higher revenue from construction contracts and engineering solutions was due to the resumption of construction work.
