Company Briefs:Transcorp Holdings

Transcorp Holdings

Catalist-listed Transcorp Holdings saw its net loss widen by 35 per cent to $7.22 million in the 2018 financial year, from a loss of $5.35 million in the previous year.

Revenue in the 12 months ended Oct 31 was $3.82 million, a fall of 37.2 per cent from the year before. This was due largely to a reduction in the number of cars sold, from 52 in the 2017 fiscal year to 25 in the year under review. Higher car rental income and sales of used cars failed to offset the decline.

Gross loss also widened to $1.8 million from $438,469, as older vehicles were sold at a deeper discount. Loss per share was 2.90 cents in the 2018 fiscal year, widening from a loss per share of 2.23 Singapore cents in 2017.

In its results filing on Sunday, Transcorp said: "There continues to be no turnaround in the group's automobile sales business. Strategic initiatives and plans by management to revive this line of business did not produce their intended results."

One initiative was to set up a car-leasing business. In January last year, this line of business, which is parked under the subsidiary Stallion Auto, entered into a tie-up with one of the local Grab authorised counters to provide motor-car leasing services to Grab drivers.

Transcorp currently has a fleet of 23 cars that are leased out to private-hire car drivers, it said.

Net asset value per share was 3.65 cents as at Oct 31, down from 6.50 cents as at Oct 31, 2017.

Transcorp shares on the Singapore Exchange were last traded at 1.5 cents.

Charisma Energy Services

Catalist-listed Charisma Energy Services is exiting the electricity retailing business.

Charis Electric, a joint-venture company that is 50 per cent owned by Charisma, had obtained an electricity retail licence in Singapore in July 2016, but was never profitable, the group said on Sunday.

Both joint-venture partners have agreed to stop spending more resources to further support the business.

Charis Electric will be winding up via a creditors' voluntary liquidation. Mr Chee Yoh Chuang and Mr Lin Yueh Hung have been appointed to act, jointly and severally, as liquidators of Charis.

The event is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the group.

Charis Electric was initially envisioned as a way for Charisma to capture another segment of the power-generation value chain. Ezion Holdings was the joint-venture partner at the time.

A version of this article appeared in the print edition of The Straits Times on January 01, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe