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Hiap Seng Engineering sinks into the red; posts 2Q losses of $3.63 mil

Samantha Chiew
Samantha Chiew11/13/2017 05:39 PM GMT+08  • 2 min read
Hiap Seng Engineering sinks into the red; posts 2Q losses of $3.63 mil
SINGAPORE (Nov 13): Hiap Seng Engineering announced that it has made a loss of $3.6 million in 2Q18, compared to earnings of $871,000 in 2Q17.
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SINGAPORE (Nov 13): Hiap Seng Engineering announced that it has made a loss of $3.6 million in 2Q18, compared to earnings of $871,000 in 2Q17.

Revenue for the second quarter ended September came in at $30.5 million, 40.3% less than $51.1 million recorded in the same period last year, mainly due to lower recognition of plant construction revenue in the quarter.

In line with the decrease in revenue, cost of sales was down 33.1% to $31.2 million from $46.5 million a year ago.

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