Union Steel Holdings Limited Announces Unaudited Consolidated Earnings Results for the Second Quarter and First Six Months Ended December 31, 2016
January 25, 2017 at 05:36 pm
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Union Steel Holdings Limited announced unaudited consolidated earnings results for the second quarter and first six months ended December 31, 2016. For the quarter, the company announced revenue marginally increased by 2.7%, SGD 23,503,000 compared to SGD 22,881,000 for the same period a year ago, due principally to the maiden revenue contribution of SGD 2.8 million from Transvictory and offset by lower contribution from the group's engineering and trading business in Singapore and discontinued operations in Malaysia. Profit from operations was SGD 1,054,000 compared to SGD 430,000 for the same period a year ago. Profit before taxation was SGD 706,000 compared to SGD 134,000 for the same period a year ago. Profit after taxation was SGD 591,000 compared to SGD 54,000 for the same period a year ago. Profit attributable to owners of the company was SGD 483,000 compared to SGD 105,000 for the same period a year ago. Net cash from operating activities was SGD 6,832,000 compared to SGD 3,453,000 for the same period a year ago. Purchase of property, plant and equipment was SGD 1,488,000 compared to SGD 361,000 for the same period a year ago.
For the six months, the company announced revenue marginally increased by 0.8%, SGD 46,544,000 compared to SGD 46,183,000 for the same period a year ago, due principally to the maiden revenue contribution of SGD 2.8 million from Transvictory and offset by lower contribution from the group's engineering and trading business in Singapore and discontinued operations in Malaysia. Profit from operations was SGD 1,415,000 compared to SGD 500,000 for the same period a year ago. Profit before taxation was SGD 732,000 compared to loss before taxation of SGD 122,000 for the same period a year ago. Profit after taxation was SGD 630,000 compared to loss after taxation of SGD 263,000 for the same period a year ago. Profit attributable to owners of the company was SGD 522,000 or 1.3 cents per basic and diluted share compared to loss attributable to owners of the company of SGD 263,000 or 0.67 cents per basic and diluted share for the same period a year ago. Net cash used in operating activities was SGD 438,000 compared to net cash from operating activities of SGD 6,427,000 for the same period a year ago. Purchase of property, plant and equipment was SGD 1,924,000 compared to SGD 1,727,000 for the same period a year ago. Net asset value per ordinary share based on issued share capital as at the respective balance sheet dates was 164.7 cents as on December 31, 2016.
Union Steel Holdings Limited is a Singapore-based investment holding company. The principal activities of the Company are the trading in and recycling of metal and steel products in various forms. The Companyâs segments include Metals, Scaffolding, Engineering, and Others. The Metals segment includes import and export of scrap metals, waste collection services, trading, and leasing of metal products. The Scaffolding segment is engaged in the provision of scaffolding services and related consultancy services. The Engineering segment includes civil construction and engineering work, manufacturing of motor vehicle bodies, mechanical construction and fabrication services and repair, commissioning, sale, and rental of marine deck equipment. The Others segment includes income from rental properties. The Company also offers steel leasing, metal recycling, and steel distribution and storage. It provides a range of steel products such as reinforcement steel bars, H-beams, and I-beams.