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Hupsteel posts 2Q loss of $2.1 mil on write-off of fixed assets from 38 Genting Lane redevelopment

Michelle Zhu
Michelle Zhu2/9/2018 05:32 PM GMT+08  • 2 min read
Hupsteel posts 2Q loss of $2.1 mil on write-off of fixed assets from 38 Genting Lane redevelopment
SINGAPORE (Feb 9): Hupsteel sank into the red in 2Q18 with a $2.1 million loss compared to its profit of $0.5 million a year ago, largely due to the write-off of fixed assets related to the group’s redevelopment of 38 Genting Lane.  
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SINGAPORE (Feb 9): Hupsteel sank into the red in 2Q18 with a $2.1 million loss compared to its profit of $0.5 million a year ago, largely due to the write-off of fixed assets related to the group’s redevelopment of 38 Genting Lane.


See: Hupsteel to redevelop Genting Lane property for $9.3 mil

Revenue for the quarter dipped 20% on-year to $10.3 million from $12.1 million previously, which the group attributes to the continued slowdown in the marine, oil and gas (O&G) sectors and the year-end holiday season.

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