Raffles United Holdings Ltd. announced unaudited consolidated earnings results for the year ended December 31, 2017. For the year, the company reported revenue of SGD 72,974,000 against SGD 71,441,000 a year ago. Profit before tax was SGD 3,023,000 against loss of SGD 6,579,000 a year ago. Profit for the year was SGD 3,646,000 against loss of SGD 6,742,000 a year ago. Profit attributable to owners of the company was SGD 3,394,000 against loss of SGD 6,989,000 a year ago. Group revenue increased by 2% primarily due to: contribution from the Group's subsidiary, Acee Electric Pte Ltd, which was acquired in March 2017; and a significant increase in sales contribution from the Original Equipment Manufacturer market in Singapore, Malaysia, Indonesia and Vietnam. The increase was offset by: absence of revenue contribution from the Group's Taiwan subsidiary in financial year 2017 following its disposal in second half 2016; stiff competition in the dealers' market primarily in Western and other Asian countries; and inventory clearance at reduced prices in financial year 2016. Net cash flows generated from operating activities was SGD 15,765,000 compared to SGD 13,873,000 a year ago. Purchase of property, plant and equipment was SGD 5,753,000 compared to SGD 129,000 a year ago period, mainly due to improved sales activities and collections during the year. Diluted earnings per ordinary share of 1.45 cents compared to diluted loss per ordinary share of 2.99 cents a year ago.

Barring any unforeseen circumstances, the Directors expect the performance of the Group for the financial year 2018 to remain profitable.