Secura Group in the red as expenses shaved off earnings

Security company Secura Group's headquarters at 38 Alexandra Terrace.
Security company Secura Group's headquarters at 38 Alexandra Terrace.PHOTO: FACEBOOK/SECURA GROUP LIMITED

SINGAPORE - Secura Group was hit by a loss in the first quarter due partly to rising expenses that offset the growth in revenue.

The security company reported a $262,000 loss for the three months to Mar 31, a major reversal from the $61,000 profit a year ago.

This was despite the 9.8 per cent increase in revenue to $9.54 million, with its security guarding, cyber security and homeland security segments all recording higher turnover.

But administrative expenses - including staff cost for corporate functions - jumped 76.5 per cent to $1.77 million, while distribution and selling expenses surged 114.8 per cent to $0.68 million as the company hired new sales staff.

"The group will continue to focus on cost rationalistion and improving work flow processes… to increase productivity and efficiency and lower operating costs," Secura said when announcing the results on Thursday (May 4).

New growth will be driven by technology adoption aimed at transforming its business operations.

Secura shares jumped 5.26 per cent to 14 cents before the results announcement.