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.
