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USP Group swings to FY17 net loss of $3.6 mil

PC Lee
PC Lee7/29/2017 05:40 PM GMT+08  • 2 min read
USP Group swings to FY17 net loss of $3.6 mil
SINGAPORE (July 29): USP Group swung to a FY17 net loss of $3.6 million from a profit of $0.4 million a year ago due to higher cost of sales and an increase in general and administrative expenses after its recent acquisitions.
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SINGAPORE (July 29): USP Group swung to a FY17 net loss of $3.6 million from a profit of $0.4 million a year ago due to higher cost of sales and an increase in general and administrative expenses after its recent acquisitions.

The group also made one-off impairment charges to SG Support Services of $2.8 million due to a dispute between USP Industrial and the major shareholder of SG Support Services.

Revenue for the 12 months ended March rose more than fivefold to $36.7 million from $6.8 million a year ago mainly due to the full-year revenue contribution from the group. But cost of sales widened more than fivefold to $21.1 million from $4.1 million a year ago.

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