SINGAPORE - Mainboard-listed civil engineering firm Swee Hong swung back to black with a S$30.2 million net profit for the 2017 financial year compared to a net loss of S$10.2 million a year go.
This was achieved on a 44 per cent rise in revenue to S$58.9 million, mainly due to increased progress of ongoing projects, particularly the construction of a new road between MacRitchie Viaduct and Adam Flyover via Bukit Brown Cemetery.
A big boost to the bottom line came from gains for the year of S$25.2 million, mainly due to write-off of creditors pursuant to a scheme of arrangement of S$22.3 million and S$2.7 million in gains from the disposal of property at 190A and 190C Choa Chu Kang Avenue 1.
The company's net tangible assets as at June 30 was S$9.3 million, a turnaround from a net liability position of S$45 million a year ago.
Swee Hong said the completion of creditors' scheme of arrangement during the year marked a beginning of a new era for the company and it was thankful to all its stakeholders for their continued support.
The group has an unfulfilled order book of S$49.7 million that will provide a steady stream of revenue, said Swee Hong. It is also actively bidding for new projects.