According to the Zhitong Finance App, S&T HLDGS (03928) announced that the Group is expected to achieve a net profit of no more than S$200,000 for the six months ending March 31, 2023, compared with the net loss of approximately S$2.8 million for the six months ending March 31, 2022.

According to reports, the conversion of loss into profit is mainly due to the increase in gross profit and gross margin, mainly due to the reduction in the COVID-19 epidemic in Singapore and the reduction in costs generated by COVID-19-related safety and security measures, which led to an improvement in cost overruns for projects under construction; the increase in other income and losses was mainly due to an increase in net revenue from the sale of property, plant and equipment, which was partially offset by an increase in net loss on exchange and an increase in net loss from the sale of investment properties held under joint ventures; and a decrease in administrative expenses, mainly due to a decrease in professional expenses, general machinery and automobile expenses, and administrative staff costs. The above is partially offset by a decrease in other revenue, mainly due to government subsidies and a reduction in miscellaneous income.