Hiap Seng Engineering Ltd Announces Unaudited Group Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2018; Announces Fixed Asset Written Off and Impairment of Goodwill for the Fourth Quarter Ended March 31, 2018
May 30, 2018 at 12:02 pm EDT
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Hiap Seng Engineering Ltd. announced unaudited group earnings results for the fourth quarter and full year ended March 31, 2018. For the quarter, the company announced turnover was SGD 22,318,000 compared to SGD 35,037,000 for the same period a year ago. Loss from operations was SGD 10,083,000 compared to SGD 2,029,000 for the same period a year ago. Loss before tax was SGD 10,189,000 compared to SGD 2,052,000 for the same period a year ago. Loss attributable to owner of the parent was SGD 9,854,000 or 3.24 cents per share based on number of ordinary shares on issue and on fully diluted basis compared to SGD 1,788,000 or 0.59 cents per share based on number of ordinary shares on issue and on fully diluted basis for the same period a year ago. Net cash used in operating activities was SGD 1,519,000 compared to SGD 1,308,000 for the same period a year ago. Purchases of property, plant and equipment was SGD 387,000 compared to SGD 1,119,000 for the same period a year ago. The group's revenue decreased mainly due to lower recognition of revenue in fourth quarter of fiscal 2018. The group's net loss attributable to shareholders increased mainly due to the lower revenue and higher than expected operating costs in fourth quarter of fiscal 2018.
For the full year, the company announced turnover was SGD 109,377,000 compared to SGD 158,523,000 for the same period a year ago. Loss from operations was SGD 18,729,000 compared to profit from operations of SGD 1,622,000 for the same period a year ago. Loss before tax was SGD 19,071,000 compared to profit before tax of SGD 1,532,000 for the same period a year ago. Loss attributable to owner of the parent was SGD 18,852,000 or 6.21 cents per share based on number of ordinary shares on issue and on fully diluted basis compared to profit attributable to owner of the parent of SGD 2,472,000 or 0.81 cents per share based on number of ordinary shares on issue and on fully diluted basis for the same period a year ago. Net cash used in operating activities was SGD 6,330,000 compared to net cash generated from operating activities of SGD 2,165,000 for the same period a year ago. Purchases of property, plant and equipment was SGD 2,858,000 compared to SGD 2,499,000 for the same period a year ago. Total adjusted LBITDA for reportable segments was SGD 14,721,000 compared to total adjusted EBITDA for reportable segments of SGD 7,185,000 for the same period a year ago.
For the fourth quarter ended March 31, 2018, the company announced fixed asset written off of SGD 10,000 compared to SGD 23,000 for the same period a year ago. Impairment of goodwill was SGD 4,440,000.
Hiap Seng Industries Limited is a Singapore-based company. The Company, through its Hiap Seng Engineering Ltd, is an integrated service provider of mechanical engineering, plant fabrication & installation and plant maintenance to the oil-and-gas (serving both upstream exploration and production as well as downstream refinery and storage), petrochemical and pharmaceutical industries in Singapore, Asia Pacific and other regions. Its services include engineering, procurement & construction (EPC), plant maintenance services and others. Its EPC services include process and metering skids services, tanks & terminals, liquid storage, cryogenic, jetty topside & terminal ancillary, onshore gas offtake & metering facilities, compression & process modules for offshore, lube oil blending facilities, co-generation facilities, tanks/ pressure vessels, and structures.
Hiap Seng Engineering Ltd Announces Unaudited Group Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2018; Announces Fixed Asset Written Off and Impairment of Goodwill for the Fourth Quarter Ended March 31, 2018