higher in2017due towrite-back
of expiredwarrantyprovision.
Although theUSdollar has
appreciated against Singapore
dollars by approximately 2.3% for
FY2016 anddepreciated against
Singaporedollars by approximately
8% for FY2017, thequarter-
to-quarter foreignexchange
movements hadbeen very volatile.
As a result, quarterlynet results
fluctuate significantly.
Q
uarterly revenuehas
generallybeen lower
throughout 2017as
compared to2016,
dampenedbyweakerdemand
stemmed fromuncertainties in the
global oil andgas industry.
As a result, theGroup reported
net losses for all quarters in2017.
For 2016, theGroup also reported
net loss for all quarterswith the
exceptionof 2Q2016where
theGroup recorded aone-off
compensation income from a
supplier for defectivematerials. Net
loss (excluding foreignexchange
gain / losses) increased to$7.6
million for 4Q2016mainlydue to
the recognitionof impairment loss
ongoodwill in a subsidiary.
Gross profitmargins varied
dependingon theproductmix
and stages of construction for the
projects beingundertakenduring
the various quarters. However,
overall gross profitmarginwas
GroupQuarterlyResults
Q1
Q2
Q3
Q4 Full Year
$’000
$’000
$’000
$’000
$’000
Revenue
2017
1,001
1,421
826
1,754
5,002
2016
5,966
8,125
5,026
2,403
21,520
GrossProfit / (loss)
2017
1,561
594
(77)
541
2,619
2016
2,361
1,555
133
1,622
5,671
Net (loss) /profit
2017
(1,938)
(2,060)
(3,530)
(3,162)
(10,690)
2016
(2,757)
371
(1,483)
(4,458)
(8,327)
Net (loss) /profit*
2017
(245)
(1,474)
(2,681)
(2,251)
(6,651)
2016
(163)
439
(2,165)
(7,621)
(9,510)
Grossprofitmargin
2017
156%
41%
-9%
31%
52%
2016
40%
19%
3%
67%
26%
* Excluding foreign exchange gain / losses
. 31
ANNUAL
REPORT
20 1 7
THE BE ST
I N US
