Employee benefits expenses saw a 2.2% y-o-y drop to $814,000, while depreciation expense declined by 5.5% y-o-y to $361,000. Other operating expenses was also 18.9% lesser y-o-y at $502,000.
As at end-March, the group’s cash and cash equivalents stood at $7.3 million.
Edward Lim Chin Wah, executive chairman of Starburst says, “While we continue to face short-term headwinds, we remain well-positioned to capitalise on the long-term growth prospects of our key markets. With a major portion of the group’s business being project-based, the revenue contribution from the Group’s project-based business may vary from quarter to quarter. Starburst will remain resilient and continue its efforts to expand its portfolio of maintenance services contracts while at the same time pursue opportunities and come out with better designing and engineering training solutions for existing and potential customers.”
Shares in Starburst closed at 40 cents on Friday.
