SINGAPORE: Singapore-listed interior fit-out solutions provider Serrano Ltd. has swung into the red for the first half of the year as it recorded a net loss of $56.3 million.
According to the group, its revenue fell 84.6% to $8.2 million from $53.1 million a year ago. This came as revenue from the interior fit-out business decreased due to lower levels of activity from 39 projects.
Meanwhile, its other expenses ballooned more than 10 times to $10.4 million due to an increase in allowance for impairment losses.
This has caused the group to incur losses in the half-year, as compared to the earnings of around $309,000 in the past year.
Looking forward, the group expects the operating environment to remain challenging and competitive for the next years due to economic uncertainties and weaker sentiments in Singapore.
