Corporate News
- The Group will maintain profitability and deliver sustained growth for the full fiscal year- with remaining revenue from the Xingwen County project expected to be recognised in subsequent quarters
- Exploring new partnerships and smart city projects with major
shareholder, KOSDAQ-listed, Magic Micro
Raffles Infrastructure Holdings Limited (SGX: LUY) today is pleased to announce its financial results for the financial quarter ending 30 September 2019 (“1QFY2020”).
Confident of full year profitability FY2020
Raffles Infrastructure reported an earnings turnaround in FY2019 mainly due to the earnings contribution from its Xingwen County Rural Road Infrastructure Project, which is estimated to be worth about S$110 million. The local authorities have accepted 5 out of the 26 parcels of
project to be delivered to date- the rest of the parcels and revenue expected to be delivered and recognised by the end of FY2020.
Annotating on its financial results, Mr Eric Choo, Chief Executive Officer of Raffles Infrastructure, said, “In FY2019, we demonstrated our capabilities to improve our profitability. The construction for the Xingwen County Rural Road Infrastructure Project is ongoing, we are on track to deliver the rest of the road parcels to local authorities by the end of FY2020. Based on its current view of the business, we are optimistic that the Company will maintain profitability and while delivering sustained growth for the full fiscal year. We’re also continuing to advance our strategy and continue building new opportunities, pursues the appropriate strategies to create value for our shareholders.”
