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ISOTeam reports $6 mil loss for 1H21 due to lower revenue, gross profit

Felicia Tan
Felicia Tan2/8/2021 09:11 PM GMT+08  • 2 min read
ISOTeam reports $6 mil loss for 1H21 due to lower revenue, gross profit
The group reported loss per share of 1.73 cents in 1HFY2021 from 0.98 earnings per share (EPS) in 1HFY2020.
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ISOTeam has reported a loss of $6 million for the 1HFY2021 ended December, compared to earnings of $2.7 million the year before.

As such, this translated to loss per share of 1.73 cents from 0.98 earnings per share (EPS) in 1HFY2020.

Revenue during the half-year period fell 42.4% y-o-y to $36.7 million due to weak performance across the group’s business segments, and partially offset by other income due to gain on disposal of property and government grants.

Accordingly, gross profit for 1HFY2021 plunged 98.3% y-o-y to $0.2 million.

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Loss before tax stood at $6.8 million for the period compared to $2.1 million profit before tax (PBT) the year before.

Looking ahead, ISOTeam says it expects market conditions to remain “challenging” in the foreseeable future due to headwinds in the construction industry.

“The coronavirus pandemic continues to undermine the global economy and business environment as some countries re-impose lockdowns amid virus resurgence. This is likely to slow down the recovery of businesses,” says Anthony Koh, executive director and CEO of the group.

“Against this difficult backdrop, we expect the pace of resumption of construction activities to remain slow even as we continue to face other issues such as manpower deployment challenges and higher costs of materials due to supply chain disruptions, as well as more time and resources needed to comply with Covid-19 safe management measures,” he says.

SEE: ISOTeam secures new contracts totalling $21.4 mil

“However, the group remains confident of its track record of quality and reliability among both the public and private sectors and we believe that our multi-disciplinary capabilities will continue to give us an edge when tendering for new projects. We have been upskilling our workers and digitalising our process during this slow period in readiness for the eventual upswing in market conditions.”

Shares in ISOTeam closed 0.4 cent higher or 3.2% up at 12.8 cents on Feb 8.

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