Advance SCT swings back to profitability in 3Q on higher revenue

Advance SCT swings back to profitability in 3Q on higher revenue

Stanislaus Jude Chan
19/10/17, 07:19 pm

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.

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