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Union Steel swings back to profitability in FY17 with earnings of $1.4 mil

Stanislaus Jude Chan
Stanislaus Jude Chan8/28/2017 05:44 PM GMT+08  • 2 min read
Union Steel swings back to profitability in FY17 with earnings of $1.4 mil
SINGAPORE (Aug 28): Scrap metal trader Union Steel Holdings has swung out of the red with earnings of $1.4 million for the full year ended June, from a loss of $16.7 million a year ago.
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SINGAPORE (Aug 28): Scrap metal trader Union Steel Holdings has swung out of the red with earnings of $1.4 million for the full year ended June, from a loss of $16.7 million a year ago.

This was mainly attributable to higher gross profit and a decline in other operating expenses during the year.

Gross profit grew 49.9% to $13.9 million on the back of a 7-percentage-point increase in gross profit margin to 17.7% in FY2017, mainly due to its engineering and scaffolding services.

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