Swee Hong recovers from loss with $30.2m profit

Ongoing projects lifted the revenue up by 44%.

Engineering firm Swee Hong recovered from a $10.2m loss after it posted profits of $30.2m for 2017.

According to a press release, revenue also increased 44% to $58.9m thanks to progress in its ongoing projects.

Revenue from its Civil Engineering segment rose from $39.6m to $50.8m on YoY basis.

Its ER382 Project, a construction of new road between MacRitchie Viaduct and Adam Flyover, mainly boosted the revenue.

Revenue from Tunnelling segment also increased by from $1.1m to $8m, mainly due to an increase in the progress of the Nee Soon tunneling project.

Currently, Swee Hong has an order book position of $49.7m.

Swee Hong executive director Anil Agrawal said, “We are pleased with the progress and will continue to strive to further improve the operational and financial health of the Group by increasing the capabilities to capitalize on new opportunities in infrastructure development.”