Huan Hsin's Q1 net loss widens to $15.1 million

Huan Hsin Holdings, which is on the Singapore Exchange's watchlist of loss-making companies, did not help its case as it announced on Monday further losses for the first quarter of this year.

Net loss for the contract manufacturer of telecom and electronic products worsened to $15.1 million from $7.3 million in the same period last year.

The group said its revenue of $98.8 million for the three months to March 31 was a 9 per cent drop from the same quarter last year, due mainly to continued competition in the industry and declining demand in the PC market.

Loss per share for the period was 3.78 cents, against 1.84 cents previously.

Net asset value per share was 17.59 cents, a 20 per cent drop from 21.98 cents as of Dec 31.

Huan Hsin shares closed unchanged on Monday at 2.5 cents.