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Asia Enterprises swings back into the black with net profit of $2.4 mil

PC Lee
PC Lee1/24/2017 06:56 PM GMT+08  • 2 min read
Asia Enterprises swings back into the black with net profit of $2.4 mil
SINGAPORE (Jan 24): Asia Enterprises Holding, the regional distributor of steel products to industrial end-users, has recorded four straight quarters of profits to close its FY16 ended Dec 31 with a full-year net profit of $2.4 million, marking a sharp tu
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SINGAPORE (Jan 24): Asia Enterprises Holding, the regional distributor of steel products to industrial end-users, has recorded four straight quarters of profits to close its FY16 ended Dec 31 with a full-year net profit of $2.4 million, marking a sharp turnaround from the net loss of $12.1 million in FY15.

Despite difficult operating conditions in the steel industry during FY16, the group recorded an increase in sales volume of steel products. This helped to cushion the impact of lower average selling prices (ASP) on the group’s revenue which declined a marginal 4% to $30.9 million in FY16 from $32.3 million in FY15.

Notwithstanding the lower ASP, the group saw a 19% increase in sales to the marine and offshore segment to $12 million in FY16 on the back of higher sales volume. Sales to customers in the construction segment in FY16 were relatively stable, buoyed by increased orders of steel products.

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