CFA Society Singapore
SINGAPORE (Oct 19): Advance SCT posted earnings of $158,000 for the 3Q17 ended September, reversing out of a net loss of $340,000 in 3Q16 a year ago.
Revenue in 3Q17 grew 48% to $24.6 million, from $16.6 million a year ago.
For the first nine months of FY2017, Advance SCT saw its revenue more than double to $60.8 million. It has reported earnings of $1.3 million in 9M17, compared to a net loss of $2.6 million in the corresponding period last year.
“This is further evidence that the group has recovered from the tumultuous period last year and is set on a path of recovery,” Advance SCT says in a filing to SGX on Thursday.
As at end September, cash and cash equivalents stood at $897,000.
Advance SCT has been placed on the SGX Watchlist since March 4, 2015.
The group says it has been in consultation with the SGX with regards to a possible lifting of suspension of trading of its shares.
At the same time, it is seeking SGX’s approval for a one-year extension, up to Mar 3, 2018, to exit the SGX Watchlist.
Advance SCT says a lifting of the trading suspension will greatly enhance its likelihood of receiving cash injections from investors that it is in discussion with.