48% of businesses expect to make a profit this year: Survey
Thirty-five per cent said they were unsure and 17 per cent said they expected a loss, according to the survey conducted by the Singapore Business Federation.
Posted 12 Jan 2016 22:38
SINGAPORE: Less than half of companies in Singapore expect to make a profit this year, amid growing concerns about the global economic environment.
This is according to an annual survey released on Tuesday (Jan 12) by the Singapore Business Federation (SBF), which polled 1,002 members about their concerns and outlook for the coming year. It was carried out late last year, with the majority of the respondents coming from small- and medium-sized enterprises.
According to the survey, 54 per cent of companies surveyed said they have been adversely affected by the current economic climate.
Asked if they expect to be profitable this year, only 48 per cent responded with a "yes", compared with 35 per cent that said they were unsure and 17 per cent which said they expected a loss.
In the 2014 survey, 56 per cent of firms said they expected to make a profit while 10 per cent said they would make a loss.
High labour costs remained the biggest bugbear for employers, with 70 per cent of those surveyed citing this as one of the challenges they face in the next six to 12 months.
More than half of those surveyed also said they faced financing issues, with more expensive bank loans and tightening credit access to suppliers among the main problems cited.
Singapore's economy grew by 2.1 per cent last year, according to advance estimates from the Ministry of Trade and Industry, down from 2.9 per cent in 2014.
CNA/hs
48% of businesses expect to make a profit this year: SurveyThirty-five per cent said they were unsure and 17 per cent said they expected a loss, according to the survey conducted by the Singapore Business Federation. Posted 12 Jan 2016 22:38SINGAPORE: Less than half of companies in Singapore expect to make a profit this year, amid growing concerns about the global economic environment.This is according to an annual survey released on Tuesday (Jan 12) by the Singapore Business Federation (SBF), which polled 1,002 members about their concerns and outlook for the coming year. It was carried out late last year, with the majority of the respondents coming from small- and medium-sized enterprises.According to the survey, 54 per cent of companies surveyed said they have been adversely affected by the current economic climate.Asked if they expect to be profitable this year, only 48 per cent responded with a "yes", compared with 35 per cent that said they were unsure and 17 per cent which said they expected a loss.In the 2014 survey, 56 per cent of firms said they expected to make a profit while 10 per cent said they would make a loss.High labour costs remained the biggest bugbear for employers, with 70 per cent of those surveyed citing this as one of the challenges they face in the next six to 12 months.More than half of those surveyed also said they faced financing issues, with more expensive bank loans and tightening credit access to suppliers among the main problems cited.Singapore's economy grew by 2.1 per cent last year, according to advance estimates from the Ministry of Trade and Industry, down from 2.9 per cent in 2014. CNA/hs
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