Blumont Group warns of Q2, H1 losses from steep fall of quoted investments

The office of Blumont Group at Central Plaza. Blumont Group has warned of net losses for the second quarter and first half year results ended June 30. -- ST PHOTO: DESMOND FOO
The office of Blumont Group at Central Plaza. Blumont Group has warned of net losses for the second quarter and first half year results ended June 30. -- ST PHOTO: DESMOND FOO

SINGAPORE - Blumont Group has warned of net losses for the second quarter and first half year results ended June 30.

The expected losses are primarily arose from the fair value readjustments of the group's investments in transferable securities (financial assets), attributable to the recent volatility in the financial markets and global economy.

Reiterating its first quarter statement, Blumont said: "The group's investment holding segment and the portfolio of quoted financial assets, available-for-sale, including the portfolio under the mineral and energy resources ties to the changes in the financial market and global economy with uncertainty and volatility in the investment outlook."

It expects to release its second quarter financial statement on Aug 14.

Blumont shares today rose 5.7 per cent to 5.6 cents.

It was the day's second most active counter, with 77.1 million shares changing hands.

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