Kian Ho Bearings

Raffles United swings back to black in FY17

SINGAPORE (Feb 23): Raffles United Holdings, formerly known as Kian Ho Bearings, has swung to a profit of $3.6 million for FY17 ended December 2017, from a loss of $6.7 million in the preceding financial year.

Raffles United recorded a 2% improvement in revenue for FY17 to $73.0 million from $71.4 million in FY16 primarily due to contribution from the group's subsidiary, Acee Electric, which was acquired last March and a significant increase in sales contribution from the Original Equipment Manufacturer market in Singapore, Malaysia, Indonesia and Vietnam.

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