GSS Energy's precision engineering business, which performed well in 2016, strode to a higher level in 1Q17.









Gross profit




Gross profit margin



Net profit after minority interests




Revenue grew by 28.3% y-o-y to S$21.7 million, entirely accounting for GSS Energy's revenue while its oil & gas business entered into a pre-revenue phase.

The Group’s increased business activities resulted in a slight increase in overall operating expenses, which increased by S$ 0.5 million to S$ 3.7 million in 1Q2017, due to vigilant cost controls including streamlining of operations.

The O&G business incurred a net loss of S$0.9 million in 1Q2017 due to pre-operation and related expenses.

With the S$ 1.9 million profit contributed by the precision engineering business, the Group’s net profit rose by 55.5% to S$ 1.03 million.

sydneyyeung8.14“We are very pleased with our solid performance in the first quarter of 2017. Our precision engineering business is on a steady growth path driven by our focus of working closely with existing customers for higher-value products, success with new customers and better operational coordination and collaboration amongst our factories in Indonesia, Singapore and China. This is reflected in the 32.9% y-o-y increase in net profit and our solid balance sheet and strong cash position."

-- Sydney Yeung,
CEO of GSS Energy
(NextInsight file photo)

The Group’s balance sheet remains robust.

The Group held a net cash balance of S$11.4 million as at 31 March 2017.  

The Group is confident of further growth in its precision engineering business.

Its new factory in Changzhou, China will be operational by mid-2017 and will focus on higher-value products with its expanded capacity, including taking on electronic manufacturing services.

At the same time, the Group is actively exploring business potential in related areas through acquisitions and/or strategic and operational arrangements.

As announced in Nov 2016, the Group’s O&G segment has successfully entered into the Operation Cooperation (Kerja Sama Operasi) Agreement with PT Pertamina EP.

Preparations to commence production drilling in the Trembul Operation Area are well advanced.

Share Prices

Counter NameLastChange
AEM Holdings7.020-0.130
Alliance Mineral0.3800.005
Avi-Tech Electronics0.505-0.005
Best World Int.1.770-0.080
China Sunsine1.4500.010
DISA Limited0.008-0.001
Dutech Holdings0.2600.005
Federal Int. (2000)0.385-
Food Empire0.675-
Geo Energy0.225-
Golden Energy0.3800.005
GSS Energy0.1710.001
Heeton Holdings0.570-
KSH Holdings0.690-0.010
Lian Beng Group0.660-0.010
Nordic Group0.5750.005
Oxley Holdings0.5250.005
REX International0.0510.001
Serial System0.172-
Sing Holdings0.4300.005
Sino Grandness0.2000.003
Straco Corp.0.775-0.010
Sunningdale Tech1.930-0.020
Sunpower Group0.5800.015
The Trendlines0.1270.002
Tiong Seng0.390-0.005
Trek 2000 Int.0.2600.005
Uni-Asia Group1.4100.010
XMH Holdings0.260-
Yangzijiang Shipbldg1.270-0.030

NextInsight RSS

rss_2 NextInsight - Latest News

Online Now

We have 890 guests and no members online