Blumont posts third-quarter loss of $13.5 million

SINGAPORE - Troubled Blumont Holdings reported a $13.5 million loss-making third quarter. This was a reversal of the $33.7 million profit it had reported for the same period last year.

Revenue was 38 per cent lower at $779,000 for the quarter ended Sept 30.

Net asset value per share was 2.02 cents as at Sept 30 compared with 2.98 cents as at Dec 31, 2013.

Loss per share was 0.52 cent compared with 1.97 cents a year ago.

Blumont did not make any comment on the ongoing Commercial Affair Department investigation.

It said that its investments under the mineral and energy resources are tied to the changes in the financial market and global economy adding that the segment is a highly risky business and requires time, effort, investment and development.

Blumont has completed the merger of Azarga Resources and Powertech Uranium Corp.

Still in the pipeline are the acquisition of Genesis Resources Limited, a company listed on the Australian Securities Exchange.

Genesis is a mineral exploration and development company with a portfolio of quality gold, iron, manganese, uranium and base metal (copper-zinc-silver) in northern and central Australia.

It is also investing in Merlin Diamonds which has a development in the Northern Territory in Australia.