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AEI Corporation sinks deeper into the red, posts FY17 loss of $9.54 mil

Samantha Chiew
Samantha Chiew2/26/2018 05:36 PM GMT+08  • 2 min read
AEI Corporation sinks deeper into the red, posts FY17 loss of $9.54 mil
SINGAPORE (Feb 26): AEI Corporation announced that its losses for FY17 have widened by 125.1% to $9.54 million compared to $4.24 million in FY16.
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SINGAPORE (Feb 26): AEI Corporation announced that its losses for FY17 have widened by 125.1% to $9.54 million compared to $4.24 million in FY16.

Revenue was 32.8% lower at $8.19 million from $12.2 million a year ago, mainly due to continued challenging and lackluster worldwide demand from the HDD markets, exacerbated by downward pricing competition from overseas suppliers.

With cost of sales dropping 23.4% y-o-y to $9.18 million, the group’s gross loss for FY17 came in at $0.99 million, compared to gross profit of $0.21 million last year, attributed to low sales and fixed overheads which included additional depreciation of the newly completed Tuas South factory.

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