Profit from continuing operations jumps 27.0% to S$9.6 million
Sinwa Limited, Asia Pacific’s leading marine, offshore supply and logistics company, has announced its financial results for the financial year ended 31st December 2015.
The Group reported a 7.9% year-on-year increase in total revenue to S$166.5 million for FY2015, due to growth in customer base and increased sales volume from existing customers.
Gross profit saw an increase of 6.2% y-o-y to S$39.5 million, in line with revenue growth. Gross profit margin for FY2015 was marginally lower at 23.7% from 24.1% in FY2014. The slight decrease was attributed to stiffer competition under weakened market conditions.
Net profit also saw an increase of 5.0% to S$9.6 million.
Commenting on the Group’s business outlook, Mr. Bruce Rann, Group CEO of Sinwa, said: “During a challenging year and the subsequent global ramifications of deteriorating oil price, we have realised a noteworthy set of results for the 2015 financial period.
“We have relied on our strong business model and despite the continued pressure on the oil price, operationally the business continues to perform well.
“We will continue to enhance our efficiencies with a view to provide our clients with increased service levels and savings.”