Sunningdale posts S$8.25m H1 net profit; lowers interim dividend to 1.8 cents

Healthcare emerged as a bright spot. Revenue from Sunningdale’s smaller healthcare business grew 17.9 per cent to S$34.5 million, driven by the increase in orders secured amid Covid-19 and new projects launched.

Sunnningdale’s overall bottomline was lifted by S$6.69 million in other income, which includes S$3.3 million in government grants related to Covid-19 and a S$700,000 net foreign-exchange gain. Operating cash flows strengthened to S$45.7 million for H1, up from S$11.9 million a year ago. Sunningdale’s gross profit margin also expanded 2 percentage points to 12.2 per cent, on the back of the relocation of its parts operations from Shanghai to Chuzhou, as well as a change in product mix, tightened cost controls, improved operational efficiency, governments’ stimulus grants and the waiver of foreign worker levies.

Chief executive Khoo Boo Hor said: “Our immediate attitude for the second half is one of caution and heightened vigilance as we are unable to predict if shutdowns will recur, nor are we able to quantify the economic impact on the end demand of our customers.” Acknowledging the lower dividend payout, he added:"The board felt that it is prudent to conserve cash in this highly uncertain environment. Furthermore, this period of crisis may throw up opportunities for mergers and acquisitions to grow the group."BT is now on Telegram!

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