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Swee Hong swings back to profitability in 1Q

PC Lee
PC Lee11/16/2016 06:00 PM GMT+08  • 2 min read
Swee Hong swings back to profitability in 1Q
SINGAPORE (Nov 16): Swee Hong, the civil engineering company specialising in micro-tunnelling work, has posted a 1Q17 net profit of $25.3 million, reversing from its loss of $1.6 million a year ago in 1Q16.
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SINGAPORE (Nov 16): Swee Hong, the civil engineering company specialising in micro-tunnelling work, has posted a 1Q17 net profit of $25.3 million, reversing from its loss of $1.6 million a year ago in 1Q16.

Revenue for 1Q17 ended Sept increased to $12.5 million from $5.1 million a year ago. Revenue from the civil engineering segment increased to $10.1 million from $4.2 million mainly due to an increase in the progress of the ongoing projects, particularly the ER382 project – construction of new road between MacRitchie Viaduct and Adam Flyover.

Revenue from Tunnelling segment increased to $2.4 million from $0.9 million mainly due to an increase in the progress of the Nee Soon tunnelling project.

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