Net loss at Unionmet (Singapore) worsens as revenue plunges

SINGAPORE - Unionmet (Singapore) has reported a widening of its first quarter net loss to US$746,000 (S$944,000) from US$206,000.

Revenue for the three months to Feb 28 slumped by 83.7 per cent to US$2.6 million.

This was mainly due to lower sales of zinc related products, lead ingots, ore concentrates as the group's trading activities slowed down as a result of the group's change in business focus.

The fall was partially offset by an increase in sales of indium ingots by about US$400,000.

Loss per share worsened to 0.12 US cent from 0.03 US cent previously while net asset value per share slipped to 5.5 US cents compared to 5.66 US cents as at Nov 30.

Unionmet said it will continue to review its trading activities following the shareholders' mandate obtained on Feb 25 for the group to diversify into the businesses of property development and oil blending and distribution of diesel and engine oil.

Last month, it also announced the divestment of UHL and Intai to reduce its overheads and focusing its trading activities through UnionZinc.

"Management is in process of identifying the relevant potential projects and would update the shareholders when appropriate," Unionmet said.