Serrano posts 1H loss of $56.3 mil

SINGAPORE (Oct 17): Serrano, the troubled interior fit-out solutions provider, reported a loss of $56.3 million for the six months ended June (1H16) compared to earnings of $0.31 million for the same period a year ago.

(See also: Serrano unit receives writ of summons over unpaid bills)

Revenue fell 84.6% to $8.2 million from $53.1 million a year ago as revenue from the interior fit-out business decreased 87.5% to $6.5 million mainly due to lower levels of activity from 39 projects as they neared completion and a revenue reversal recognised of $9.8 million for 7 projects with a reduction in the scope of work.

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