Huationg sees near-doubling of FY17 earnings to $7.9 mil on higher revenue

Huationg sees near-doubling of FY17 earnings to $7.9 mil on higher revenue

By: 
Stanislaus Jude Chan
02/03/18, 08:29 am

SINGAPORE (Mar 2): Huationg Global recorded full-year earnings of $7.9 million for the FY17 ended December, surging 94% from $4.1 million a year ago.

Revenue jumped 34.2% to $157.2 million in FY17, from $117.2 million a year ago.

The increase was mainly due to higher revenue from the group’s civil engineering services and sale of construction materials segments.

Revenue from the civil engineering services rose 40.2% $127.2 million in FY17 as most of the additional contracts the group secured in the previous year were in full swing.

Revenue from the sale of construction materials segment more than doubled to $20.7 million in FY17, mainly due to higher demand of construction materials from customers.

These were partially offset by lower revenue from the inland logistics segment, which fell 42.9% to $9.3 million in FY17.

The decrease was mainly a result of lower rental income from tipper trucks which were used internally to support the increased activities of the group’s other business segments, and lower income from its concrete pump business due to lower demand.

As at end December, cash and cash equivalents stood at $4.2 million.

The group has recommended a final tax dividend of 0.55 cent per share for FY17, up 37.5% from 0.4 cents a year ago.

Looking ahead, the group says it will continue to seek opportunities both in public infrastructure projects and private sector construction projects.

It is also exploring business opportunities to provide alternative revenue streams to the group.

Shares of Huationg last closed at 16.8 cents on Feb 28.

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