Loss of revenue attributed to a halt in construction activities.
Sustainable engineering solutions provider Koh Brothers Eco Engineering Limited reported a drop in revenue to $182.3m for FY2020 from $290.6m a year ago, a decrease of 37%.
According to Koh Brothers Eco, the revenue loss was mainly due to a halt in construction activities during the circuit breaker period, which resulted in a decrease in revenue from its Engineering and Construction division.
Overall net loss attributable to equity holders stood at $11.8m in FY2020 compared to a net profit attributable to equity holders of $5.7m in FY2019.
Despite overall revenue loss, the company saw an improvement in comparison to the first half of 2020. H2 2020 saw an increase of 32% in revenues compared to H1.
Koh Brothers Eco said that as of 31 December 2020, cash and bank balances remained strong at $56.2m with a low net gearing ratio of 0.27x, whilst shareholders’ equity stood at $103.8.
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