Hiap Seng sees 25% drop in earnings to $0.9 mil for 2Q on higher cost of sales

SINGAPORE (Nov 9): Hiap Seng Engineering announced a 25% drop in 2Q earnings to $918,000 from a year ago on higher cost of sales and lower profit margin.

Revenue for the three month to Sept rose 75.4% rise to $51.1 million driven mainly by higher recognition of plant construction and maintenance revenue.

However gross profit 5.4% to $4.6 million fell as cost of sales nearly doubled to $46.5 million and gross profit margin fell to 9% from 16.7%.

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