Hiap Seng Industries posts $20.1m net profit for FY24

Revenue for the period was also 34.1% higher year-on-year.

Hiap Seng Industries reported earnings of $20.1m for the fiscal year ending 31 March, a reversal from the $2.56m loss recorded in the previous year.

The company also report a revenue growth of 34.1% to $24.9m for the same period.

The growth was attributed to increased revenue from maintenance activities and prudent cost control measures, including a reduction in administrative expenses.

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