Hiap Seng swings back to profitability in FY16

SINGAPORE (May 26): Mainboard-listed Hiap Seng Engineering brushed aside losses last year to post earnings of $6.0 million in FY16 ended March, as sales bounced back in 4Q.

In FY16, revenue fell 33.7% to $167.9 million, mainly due to lower recognition of project revenue, the firm said on Thursday.

The engineering group achieved earnings of $1.9 million in 4Q on the back of a 15.7% in revenue to $55.6 million, largely due to higher plant maintenance revenue during the period.

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