SINGAPORE (Nov 7): Mun Siong Engineering reversed out of the red in the 3Q ended September with earnings of $825,000, compared to a loss of $411,000 recorded a year ago.
The improved performance comes despite revenue falling 39.6% to $16.3 million during the quarter with a lower volume of project work completed.
However, the group saw its gross profit margin improve significantly to 8.7%, from 4.0% a year ago. As a result, cost of sales fell at a faster clip than the decrease in revenue, dropping 48.1% to $14.0 million.
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