SINGAPORE: Singapore-listed marina developer, operator, and consultant SUTL Enterprise Ltd. has swung back to profitability in 3Q16 from a loss of $0.7m last year, posting a $0.5m net profit for the quarter.
According to the group’s announcement, this came as the group managed to achieve a $6.4m revenue.
“The marked improvement was largely attributable to the divestment of the Group’s legacy IT peripherals distribution business, following the disposal of its 51% remaining stake in Achieva Technology Pte Ltd in January 2016,” SUTL said.
However, excluding the loss for the discountinued operations in Achieva in the previous year, profit would have risen 8%, in line with the spike in total revenue.
“Yearto-date, our performance continue to show that we are on the right track and that disposing of our legacy IT business was a wise decision. While mindful of current global uncertainties, we remain confident of our new strategic direction and also our vision to create a buzzing boating community in Asia,” SUTL CEO Arthur Tay said.
