SINGAPORE (Feb 21): Sinwa, the marine supply and logistics company, has reversed back to profitability in FY17, posting earnings of $9.5 million compared to a loss of $9.5 million in FY16.
Revenue for FY17 ended Dec hit a record $172.6 million, 13.4% higher than $152.2 million a year ago, mainly led by sales from the marine and offshore supply business in Singapore, Australia and Thailand operations.
Similarly, cost of sales was 15.1% higher, bringing gross profit for FY17 to $39.9 million, 8.0% higher than $37.0 million last year.
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