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Far East Group reversed into the black in 1H

Michelle Zhu
Michelle Zhu8/10/2017 06:53 PM GMT+08  • 2 min read
Far East Group reversed into the black in 1H
SINGAPORE (Aug 10): Far East Group, the refrigeration and air-conditioning business, announced half-year earnings of $0.25 million compared to its loss of $0.71 million a year ago on higher gross profit margin and higher other operating income.
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SINGAPORE (Aug 10): Far East Group, the refrigeration and air-conditioning business, announced half-year earnings of $0.25 million compared to its loss of $0.71 million a year ago on higher gross profit margin and higher other operating income.

Revenue for the half-year grew 0.8% to $17.2 million from $17.1 million a year ago due to an increase in sales from the group’s Malaysia, Indonesia and Myanmar markets. This was however partially offset by lower sales in Singapore and Hong Kong.

Notably, revenue from the commercial and light industrial (refrigeration) segment grew by $0.7 million in 1H17 from the previous year, while the resident & commercial (air-conditioning) segment as well as the oil, marine and gas (refrigeration & air conditioning) segments both reported a decrease in revenue.

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