SMEs make losses this year, cite rising costs: survey
SINGAPORE: More small and medium sized enterprises (SMEs) have been making losses this year.
This is according to the 2012 SME Development Survey which cited rising costs as the cause for the losses as turnover was generally higher than last year's.
15 per cent of SMEs surveyed made losses in 2011, higher than 11 per cent in the financial year ending 2010.
The proportion of SMEs generating more than S$5 million in turnover increased from 46 per cent to 55 per cent.
For the last three years till 2011, sales turnover at Supreme Components International has tripled.
But the global slowdown and a stronger Singapore dollar caused revenue to fall by 9 per cent to US$9.8 million this year.