Foreland Fabrictech Q3 loss widens to $196,500

SINGAPORE - Net loss for Foreland Fabrictech widened to 988,000 yuan (S$196,500) for the third fiscal quarter ended Sept 30 from a net loss of 621,000 yuan a year ago, it reported in a Singapore Exchange (SGX) filing on Thursday night (Dec 20).

Third quarter revenue for the Chinese textile maker was nil, unchanged from the previous third quarter. Loss per share increased to 0.0018 yuan, from loss per share of 0.0011 yuan for Q3 2017.

For the nine months ended Sept 30, net loss was 2.4 million yuan, compared with a net loss of 86.5 million yuan in the previous year. The group had no revenue in the period, the same as for the first nine months of 2017.

Loss per share was 0.0045 yuan, compared with loss per share of 0.1546 yuan for the corresponding period of the previous year.

The company is insolvent, and is exploring various options through discussions with major shareholders and potential investors, Foreland Fabrictech said. The group intends to shift its focus to alternative industries, and will update shareholders in due course on any material developments in this regard.

Foreland Fabrictech also posted its first quarter and half year results on Thursday night.

Shares of Foreland Fabrictech remain suspended on the SGX.