According to the Zhitong Finance App, S&T HLDGS (03928) announced results for the six months ended March 31, 2023, with total revenue of S$31.885 million, up 3.7% year on year; net profit of S$283,300, loss of S$2,835 million for the same period last year; basic profit of 0.06 cents per share.

The Group's turn of loss into profit is mainly attributable to: the increase in gross profit and gross margin, which was mainly due to the reduction in the cost of the COVID-19 epidemic in Singapore and the reduction in costs generated by COVID-19-related safety and security measures; 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 exchange losses and net losses from the sale of investment properties held under joint ventures; and a decrease in administrative expenses, mainly due to reduced 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.