INDUSTRIAL group NSL posted a net profit of S$18.9 million for the six-month period ended Dec 31, 2024, a reversal from its net loss of S$25.8 million in the same period in the previous year, as the company had recorded impairment losses amounting to S$32.2 million from an associated company then.
For the 12-month period ending Dec 31, 2024, net profit came in at S$21.3 million, which was also a reversal from the net loss of S$18.7 million in the corresponding period the year before, noted the company in a bourse filing on Tuesday (Feb 11).
Revenue jumped 41 per cent to S$179.7 million for the six-month period, compared with S$127.3 million in the previous corresponding period, due to strong revenue growth from its precast and environmental services divisions.
The company, which makes precast and prefabricated bathroom units among other business activities, recorded a revenue of S$302.7 million for the 12-month period – a 2 per cent increase from S$298.1 million in the previous year.
This was due to higher contributions from the environmental services division.
While this 12-month period would have normally been the full 2024 fiscal year for NSL, the company had previously announced that it was changing its financial year-end from Dec 31 to Jun 30 to align with its controlling shareholder YTL Cement.
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This means that the full-year financial results, which will be released later in August this year, will cover an 18-month period between Jan 1, 2024, and Jun 30, 2025.
In the 12-month period across 2024, NSL made a goodwill impairment for Parmarine – a manufacturer of prefabricated bathroom units in Nordic countries – amounting to S$4 million due to continued losses and a weak business outlook.
A goodwill impairment is made when the value of an asset declines after a company decides to pay more than book value to acquire that asset.
This was lower than the impairment losses from goodwill, property, plant and equipment and investment in an associated company of S$35.6 million that the company had recognised in the previous 12-month period in 2023.
Shares of NSL closed flat at S$0.745 on Tuesday.
