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Starburst reports earnings of $9.1 mil, reversing FY2019 loses of $2.4 mil

The Edge Singapore
The Edge Singapore2/25/2021 10:33 PM GMT+08  • 2 min read
Starburst reports earnings of $9.1 mil, reversing FY2019 loses of $2.4 mil
Starburst plans to pay a final dividend of one cent per share, vs 0.25 cents last year
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Starburst Holdings, which specialises in building shooting ranges, has reported earnings of $9.1 million for FY2020, reversing from losses of $2.4 million in the preceding year.

Revenue in the same period was $23.8 million, up 135.5% from FY2019, as the company delivered and booked more of its contract wins.

Starburst plans to pay a final dividend of one cent per share, a significant improvement from the 0.25 cents paid this time last year.

At this level of profitability, the company’s earnings per share was 3.73 cents. At its Feb 25 closing price of 17 cents, that’s a PE ratio of less than five times.

On Nov 15, the company announced that executive chairman Edward Lim Chin Wah; managing director Yap Tin Foo; CFO Wu Guangyi and senior project manager Ng Eng Long Josiah Lawrence were interviewed by the Corrupt Practices Investigation Bureau on Nov 12.

SEE: Starburst subsidiary secures firearms training facility contract worth $6.4 mil

On Nov 11, Starburst shares ended the day at 41 cents. The last update on this case was made by the company on Nov 23.

On Dec 29, the company announced it won a $7.9 million contract, which is in addition to $59.1 million worth of orders previously secured during FY2020. On Feb 4, it announced another contract win of $6.4 million.

In the press release announcing the earnings on Feb 25, Lim says the FY2020 numbers are a testament to the company’s technical and management capabilities.

“While we actively expand our partnerships, we also strive to expand our portfolio of maintenance service contracts to improve our recurring revenue base, thereby achieving sustainable growth,” he says.

Yap, the company’s managing director, says the company is “actively responding” to enquiries and requests for tenders in Southeast Asia and the Middle East.

“Furthermore, we are working towards strengthening our partnerships in order to successfully collaborate on joint tenders. We hope to achieve positive bids in the near future,” he says.

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