SINGAPORE (May 3): Starburst Holdings, a Singapore-based engineering group specialising in the design and engineering of firearms-training facilities, announced that its 1Q19 losses have narrowed by 8.3% to $1.2 million, compared to a loss of $1.3 million in 1Q18.
Revenue saw a slight increase of 2.3% to $1.62 million from $1.58 million a year ago, mainly contributed by maintenance works.
Employee benefits expenses saw a 2.2% y-o-y drop to $814,000, while depreciation expense declined by 5.5% y-o-y to $361,000. Other operating expenses was also 18.9% lesser y-o-y at $502,000.
As at end-March, the group’s cash and cash equivalents stood at $7.3 million.
Edward Lim Chin Wah, executive chairman of Starburst says, “While we continue to face short-term headwinds, we remain well-positioned to capitalise on the long-term growth prospects of our key markets. With a major portion of the group’s business being project-based, the revenue contribution from the Group’s project-based business may vary from quarter to quarter. Starburst will remain resilient and continue its efforts to expand its portfolio of maintenance services contracts while at the same time pursue opportunities and come out with better designing and engineering training solutions for existing and potential customers.”
Shares in Starburst closed at 40 cents on Friday.
