Hiap Seng Engineering Ltd. announced unaudited group earnings results for the fourth quarter and full year ended March 31, 2014. For the quarter, the group reported turnover was SGD 68.86 million against SGD 46.88 million a year ago. Profit from operations was SGD 0.858 million against loss of SGD 5.53 million a year ago. Profit before tax was SGD 1.14 million against loss of SGD 5.56 million a year ago. Profit attributable to owner of the parent was SGD 1.13 million against loss of SGD 4.54 million a year ago. Diluted earnings per share was 0.37 cents against loss of 1.49 cents a year ago. The better performance resulted mainly from the increased revenue and marginally improved gross margins in fourth quarter of 2014. Net cash used in operating activities was SGD 3.02 million against SGD 6.74 million a year ago. Purchases of property, plant and equipment was SGD 3.37 million against SGD 3.15 million a year ago.

For the year, the group reported turnover was SGD 258.96 million against SGD 237.42 million a year ago. Loss from operations was SGD 3.36 million against profit of SGD 7.58 million a year ago. Loss before tax was SGD 3.18 million against profit of SGD 6.87 million a year ago. Loss attributable to owner of the parent was SGD 3.58 million against profit of SGD 7.53 million a year ago. Diluted loss per share was 1.18 cents against profit of 2.48 cents a year ago. Net cash used in operating activities was SGD 34.73 million against net cash generated from operating activities of SGD 1.63 million a year ago. Purchases of property, plant and equipment was SGD 7.76 million against SGD 7.83 million a year ago. The group's revenue and net profit for fiscal 2014 was mainly due to higher recognition of project revenue in 2014. Adjusted EBITDA was SGD 1.9 million against SGD 10.67 million a year ago.

The company announced, in view of keen competition, escalating labour costs and potential cost overruns on certain projects, the Directors of the company are not optimistic about the Group's performance for the financial year ending March 31, 2015.