EcoWise swings into the red in FY16

SINGAPORE (Dec 30): EcoWise Holdings reported a loss of $1.8 million for FY16, compared to a net profit of $0.9 million a year ago.

Full year revenue fell 9.8% to $56.9 million mainly due to lower revenue recorded by the group’s renewable energy segment and resource recovery segment.

The renewable energy segment saw a 10.8% fall in revenue to $9.6 million as there was an unscheduled maintenance for its biomass co-generation power plant at Gardens by the Bay and a drop in tipping fees for the collection of tree and wood waste from 2Q onwards.

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