Company Briefs : SunVic Chemical

SunVic Chemical

Chemical manufacturer SunVic Chemical Holdings reduced its losses in the first quarter.

Net loss narrowed to 3.7 million yuan (S$750,000), down from a loss of 60.9 million yuan for the same period a year earlier. This was partially due to revenue rising 39.5 per cent to 588.9 million yuan for the three months to March 31, up from 422.3 million yuan a year ago.

The company attributed the increase to turnover from sales of acrylic acid and acrylate esters production. Losses per share came to 0.7 fen, down from losses of 11.4 fen for the same period a year earlier, while net asset value per share was 188.1 fen as at March 31, down from 188.8 fen as at Dec 31.

Sunpower Group

Mainboard-listed Sunpower Group, which designs and builds energy-saving products in China, said its subsidiary has been awarded contracts worth 154 million yuan (S$31.2 million).

The unit won contracts to supply reactor devices that can be used to carry out a variety of chemical reactions. The largest contract, worth 91.4 million yuan, was to supply four such reactors to a firm in Sichuan province.

The reactors will be delivered in phases next year, and will have a positive impact on its financial results for fiscal years 2017 and 2018, it said.

YuuZoo Corporation

Social shopping company YuuZoo logged a 13 per cent dip in first-quarter net profit to $11.2 million despite revenue sinking 58 per cent to $18.9 million.

This was due to the loss of a major e-commerce client and a shift to a significantly more conservative accounting policy, the company said on Monday.

YuuZoo added that it is negotiating with new clients whose revenue would equal or exceed the turnover of the client the company lost. It expects an agreement to be signed soon.

While the adoption of the new accounting policy results in lower numbers being booked, "it has not changed the future earnings potential of selling, at the right time, the shares YuuZoo receives as payment, and distributing as dividends those returns to YuuZoo's shareholders", the company added.

Earnings per share for the three months to March 31 was 1.45 cents, down from 2.02 cents a year earlier. Net asset value per share was 18.82 cents as at March 31, up from 18.37 cents on Dec 31.

A version of this article appeared in the print edition of The Straits Times on May 17, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe