Highland Treasure (08402) issued an announcement. The Group expects to make a profit for the year ended December 31, 2023...
Zhitong Finance App News, Highland Treasure (08402) issued an announcement. The Group expects revenue of about SGD 20 million for the year ended December 31, 2023, and approximately SGD 9.4 million for fiscal year 2022, which is mainly due to the recovery in demand in the Singapore construction market after the downturn caused by COVID-19, leading to an increase in the number of projects undertaken by the Group and an increase in revenue contributions from projects with relatively high contract value;
The gross profit in FY2023 was over SGD 4 million, while the gross loss in FY2022 was about SGD 3 million. In addition to the above reasons, it was mainly due to the year-on-year decline in steel prices in FY2023 compared to FY2022, and the gross margin of the new FY2023 project increased by between 12% and 21%, while the gross margin for the FY2022 project was 10%, and compared with FY2022, there were no additional no-profit rectification projects for projects carried out before COVID-19 in FY2022;
The net loss for fiscal year 2023 was approximately SGD 1.7 million, while the net loss for fiscal year 2022 was approximately SGD 6.8 million. In addition to the above reasons, it was mainly due to an increase in rental income of about SGD 300,000 due to the Group's contribution to leasing vacant land in its factories, income from the sale of investment properties, reduction in interest expenses due to early repayment of bank loans, and an increase in interest income from new time deposits.