Sapphire’s net profit shoots up 550% to $2.8m

Rail engineering arm pushed profits up.

Sapphire Corporation Limited’s net profit ramped up 550% YoY to $2.8 million in 2Q16, thanks to generous contributions from its rail engineering subsidiary, Ranken Infrastructure Limited.

In a release, Sapphire said that Ranken’s revenue rose to S$46.8 million. Meanwhile, the group’s wholly-owned Australia-based mining services business, Mancala Holding Pty Ltd, chipped in S$6.6 million despite weaker market and falling commodity prices.

Overall, turnover for the period soared 278% to $53.4 million in 2Q16 as against $14.1 million in 2Q15, and $107 million in 1H16 compared to $29.5 million a year ago, Sapphire shared.

“Considering the company’s stellar performance in the first half of 2016 and barring unforeseen circumstances, we expect FY16 financial figures to outshine that of FY15,” Sapphire added.