Hiap Seng Engineering's net loss ballooned to $12.2m in FY15

Blame it on cost overruns and lower revenue.

Hiap Seng Engineering reported that its net loss ballooned to $12.2m in FY15, compared to $3.45m in the previous financial year.

The Grgroup's revenue declined mainly due to lower recognition of project revenue in FY2015.

Its gross profit slipped due to cost overruns in certain projects resulting from escalating labour costs.

The group also grappled with higher administrative costs mainly due to the allowance for impairment of receivables of $4.7 million provided in FY2015. 

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