However, the increase in topline was offset by the absence of revenue contribution from the group's Taiwan subsidiary in FY16 of $4.6 million following its disposal in 2H16; stiff competition in the dealers' market primarily in Western and other Asian countries and inventory clearance at reduced prices in FY16.
Raffles United says the improved financial performance in FY17 demonstrated the effectiveness of its overall strategy in managing inventories and cash amid challenging global market conditions. The group expects to be profitable in FY18.
Shares in Raffles United closed at 20 cents on Friday.
