Advance SCT back in the black in FY17 with $1.5 mil earnings

Advance SCT back in the black in FY17 with $1.5 mil earnings

By: 
PC Lee
27/02/18, 06:36 pm

SINGAPORE (Feb 27): Advance SCT, the supplier of copper-related products and recycled copper, reported full-year earnings of $1.5 million for FY17 from a loss of $8.2 million in FY16.

Notably, the group posted net profit from recurring operations of $0.67 million in FY17 which the group says "signals that it has recovered from the tumultuous years and is on the path of growth".

In FY17, the group generated a revenue of close to $80 million, a 70% increase compared to FY16. Meanwhile, gross profit improved by 281% to $1.43 million.

Administrative expenses fell to $540,000 in FY17, a 63% decrease compared to FY16 because of the disposal of manufacturing assets in 1Q16 and the hi-tech radiator business under Everglory Cooling Systems in 4Q17.

Finance costs increased to $221,000 in FY17 from $134,000 in FY16 due to short term borrowings to finance its metal trading business under Asiapac Recycling.

Net other income of $842,000 comprised of gains on disposal of subsidiaries of $169,000 and from a waiver of amount owing to CNCM Capital 0f $1.64 million, less expenses incurred for litigations related to past debts and an aborted scheme of arrangement.

Including net other income, the group generated a net profit of $1.51 million in FY17, compared to a loss of $7.70 million in FY16.

Shares in Advance SCT last traded at 0.1 cent.

Jokowi declared winner a month after Indonesia presidential vote

(May 21): Indonesian President Joko Widodo won last month’s bitterly contested election by a double-digit margin, official results showed Tuesday, putting the former furniture exporter in charge of the world’s largest Muslim-majority nation for another five years. Widodo, known as Jokowi, won 55.5% of the national vote, compared to his challenger Prabowo Subianto’s 44.5%, the General Elections Commission said in Jakarta early on Tuesday. Jokowi’s margin of victory at 11% was almost double the lead he secured in 2014 against the same opponent, commission’s data showed. The tally al....
Read More >>

Sembcorp Industries' near-term outlook hinges on sustained India uptrend, say analysts

SINGAPORE (May 21): CGS-CIMB Research and DBS Vickers Securities are maintaining their “add” and “buy” calls on Sembcorp Industries (SCI) with target prices of $3.41 and $3.90, respectively. This comes after the group last week posted 21% higher 1Q earnings of $77 million on higher contributions from its energy segment, which was mainly driven by improved performance from India and the recognition of peak winter availability payments for UK Power Reserve. In a May 15 report, CGS-CIMB analyst Lim Siew Khee says she considers SCI cheap at $2.54, which is 0.6 times FY19 price-to-boo....
Read More >>

China warns about 'unwavering resolve' to fight 'US bullying'

BRUSSELS (May 21): China could retaliate against the US after President Donald Trump blacklisted Huawei Technologies Co., the Chinese ambassador to the European Union said. Trump upped the ante in his trade dispute with China last week, announcing moves to curb Huawei’s business that are starting to have ramifications for other companies around the world. "This is wrong behavior, so there will be a necessary response," Zhang Ming, China’s envoy to the EU, said in an interview in Brussels on Monday. "Chinese companies’ legitimate rights and interests are being undermined, so the Chi....
Read More >>