📋 Tender Overview
HIAP Seng Engineering narrowed its losses to S8.5 million from S22.3 million for the second quarter ended Sep 30 2019 on the back of higher revenue and lower operating costs.Turnover rose 35.2 per cent to S36.2 million mainly owing to higher recognition of revenue. Hiap Seng is a service provider of mechanical engineering plant fabrication and installation and plant maintenance to the oil and gas petrochemical and pharmaceutical industries.Gross loss for the watch-listed group narrowed to S5.4 million from S17.2 million a change of 68.8 per cent due to lower operating costs. The gross loss reported this quarter included provision for liquidated damages and claims amounting to S4 million which are currently under negotiation with the customer.Loss per share was 2.8 Singapore cents compared with 7.34 cents a year ago.
