Advance SCT swings back to profitability in 1Q

Credit: Recycling Today

Advance SCT swings back to profitability in 1Q

By: 
Jude Chan
26/04/17, 05:44 pm

SINGPAPORE (April 26): Advance SCT has posted earnings of $125,000 for the first quarter ended March 2017, reversing out of a net loss of $1.3 million a year ago.

Revenue surged to $21.3 million in 1Q17, from $1.4 million a year ago.

According to a filing to SGX on Wednesday, Advance SCT says turnover has improved steadily since the major restructuring in 1Q16.

In addition, the higher revenue was attributable to higher metal prices.

Administrative expenses fell 80% to $0.2 million, compared to $0.8 million in the corresponding quarter last year. Finance costs improved to $0.2 million, from $0.4 million a year ago.

These were mainly due to the termination of its new-tech radiator business post restructuring.

Cash and cash equivalents stood at $531,000 as at March 31, 2017.

Advance SCT has been placed on the SGX Watchlist since March 4, 2015. On March 3, 2017, it submitted a request to SGX for a 12-month extension, but has not received a response.

Meanwhile, the company says its application to the Singapore High Court to enter into a scheme of arrangement to repay its debt has yet to be sanctioned because of certain objections by one creditor.

It adds that it has started negotiations with the creditor for a settlement.

Looking forward, Advance SCT says it is in discussion with relevant parties to acquire a profitable business in the electronic waste industry to supplement its current operations, which have shown signs of recovery.

Shares of Advance SCT have been suspended from trading.

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