Aztech suffers net loss of S$12.4m in Q4

SINGAPORE - Diversified electronics, marine and food company Aztech Group swung to a net loss of S$12.4 million for the quarter ended Dec 31, 2015 from a net profit of S$280,000 for the year-ago period.

Revenue for the quarter fell 4.8 per cent to S$73.6 million, from S$77.3 million a year ago.

For the full year, Aztech saw a loss of S$20 million, from a net earnings S$5.8 million in 2014, as revenue fell 3.2 per cent to S$318.9 million from S$329.4 million.

The 2015 loss came after an impairment provision charge of S$19.2 million and unrealised mark-to-market losses of S$1.7 million on derivative instruments.

Looking ahead, Aztech said it expects a challenging business environment and is cautions of its performance for the next 12 months.

"The group will adopt a cautious position in managing working capital and pursue efficiency and productivity improvements to manage its cost," the company added.