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The Group completed the acquisition of Sunningdale Singapore Holdings Pte Ltd ("SSH") and its subsidiaries ("SSH Group") in November 2014. SSH Group is also the holding company of First Engineering Limited ("FEL") Group.
The financial results for the full year ended 31 December 2015 ("FY2015") reflected full twelve months contribution from FEL Group while full year ended 31 December 2014 ("FY2014") had only one month's contribution.
The Group's revenue increased by 41.8% year-on-year ("yoy") from $475.6 million for FY2014 to $674.5 million for FY2015. The increase came from growth in all business segments of the Group.
The Group recorded a gross profit of $90.8 million for FY2015, an increase of 51.6% yoy from $59.9 million for FY2014. Gross margin improved from 12.6% for FY2014 to 13.5% for FY2015 due to an increase in capacity utilisation, product mix and strengthening of the US Dollar and Euro.
The increase in other income was due to a foreign exchange gain of $12.8 million for FY2015 compared to $1.4 million for FY2014. This was partially offset by the negative goodwill of $4.5 million recognised for FY2014 arising from the acquisition of FEL Group.
The marketing, distribution and administrative expenses for FY2014 included only one month of expenses from FEL Group.
The increase in other expenses was due to (i) amortisation of intangible assets of $1.7 million for FY2015 compared to $0.4 million for FY2014 and (ii) impairment loss on property, plant and equipment of $1.0 million for FY2015 as compared to a reversal of impairment loss of $0.2 million for FY2014.
The Group achieved a net profit of $42.1 million for FY2015 compared to $27.7 million for FY2014. Excluding the negative goodwill, acquisition expenses, foreign exchange gain / loss and disposal of non-current assets held for sale, the net profit would have been $29.4 million for FY2015 and $21.4 million for FY2014.
The earnings per share was 22.68 Singapore cents for FY2015 compared to 16.48# Singapore cents for FY2014.
The net asset value per share increased from $1.65# as at 31 December 2014 to $1.77 as at 31 December 2015. The net tangible asset per share also increased from $1.54# as at 31 December 2014 to $1.67 as at 31 December 2015.
The financial results for the full year ended 31 December 2015 ("FY2015") reflected full twelve months contribution from FEL Group while full year ended 31 December 2014 ("FY2014") had only one month's contribution.
The Group's revenue increased by 41.8% year-on-year ("yoy") from $475.6 million for FY2014 to $674.5 million for FY2015. The increase came from growth in all business segments of the Group.
The Group recorded a gross profit of $90.8 million for FY2015, an increase of 51.6% yoy from $59.9 million for FY2014. Gross margin improved from 12.6% for FY2014 to 13.5% for FY2015 due to an increase in capacity utilisation, product mix and strengthening of the US Dollar and Euro.
The increase in other income was due to a foreign exchange gain of $12.8 million for FY2015 compared to $1.4 million for FY2014. This was partially offset by the negative goodwill of $4.5 million recognised for FY2014 arising from the acquisition of FEL Group.
The marketing, distribution and administrative expenses for FY2014 included only one month of expenses from FEL Group.
The increase in other expenses was due to (i) amortisation of intangible assets of $1.7 million for FY2015 compared to $0.4 million for FY2014 and (ii) impairment loss on property, plant and equipment of $1.0 million for FY2015 as compared to a reversal of impairment loss of $0.2 million for FY2014.
The Group achieved a net profit of $42.1 million for FY2015 compared to $27.7 million for FY2014. Excluding the negative goodwill, acquisition expenses, foreign exchange gain / loss and disposal of non-current assets held for sale, the net profit would have been $29.4 million for FY2015 and $21.4 million for FY2014.
The earnings per share was 22.68 Singapore cents for FY2015 compared to 16.48# Singapore cents for FY2014.
The net asset value per share increased from $1.65# as at 31 December 2014 to $1.77 as at 31 December 2015. The net tangible asset per share also increased from $1.54# as at 31 December 2014 to $1.67 as at 31 December 2015.