Vin’s Holdings expects ‘significant improvement’ in H2 net profit

[SINGAPORE] Automotive group Vin’s Holdings on Wednesday (Feb 11) said that it expects to report a “significant improvement” in net profit for the second half of the year, from the year-ago period.

This will mark its first financial results since it was listed on the Catalist board in April last year.

The expected improvement for H2 will be attributed mainly to a stronger operating performance across the group’s business segments, “driven by higher margin contributions and further supported by the receipt of a one-time listing grant”.

However, despite the rise in H2 net profit, the group expects a drop in full-year net profit. This will be due to the loss incurred in the first half of the financial year, as well as “higher expected credit loss and increased administrative expenses” during the year.

Vin’s Holdings reported a S$1.2 million net loss for the first half of the year, compared with a S$2.6 million net profit in the year-ago period. This came alongside S$48.9 million in revenue – 8.6 per cent lower year on year – due to a fall in sales in all its segments.

Its H2 results will be released on Mar 1.

Shares of Vin’s Holdings closed flat at S$0.26 on Tuesday.