SINGAPORE (Mar 1): Intraco, the investment management company, reported full-year earnings more than doubled to $2.1 million in FY17 from $0.8 million in FY16 mainly due to higher revenue and lower administrative expenses.

The group’s revenue grew 13.0% to $121.3 million in FY17 due to improved contribution from all its business units. Revenue from the trading and other segment rose 14.2% to $108.7 million in FY17 mainly driven by the plastic trading business, which benefitted from higher allocation of plastic resin.

The fire protection segment saw revenue increasing by 3.3% to $12.6 million due to a higher number of contracts secured during the year in spite of slower pace of activities in the construction sector.

Apart from higher revenue, a 6.4% decrease in administrative expenses to $10.4 million and other cost management initiatives augmented the group’s operating profit before interest and tax to $282,000 in FY17 from a loss of $950,000 in FY16.

As at Dec 31 2017, the group had a net asset value of 64.3 cents per share compared to 64.2 cents per share in the previous year.

Nicholas Yoong, CEO of Intraco, says: “The operating environment of the Group remains challenging. Despite the challenges, Management will adopt a disciplined approach to expand the Group’s fire protection business regionally and penetrate new markets for the Group’s plastics trading business.”

Shares in Intraco closed at 26 cents on Thursday.