Manhattan Resources narrows Q2 loss to $895,000

SINGAPORE - Manhattan Resources has narrowed its second quarter net loss to $895,000, from $1.8 million a year ago, on the back of cost cuts after it disposed its vessels last year.

The mainboard-listed firm's loss per share (LPS) for the period stood at a 0.08 cent, from 0.32 cent a year ago. No dividend has been declared for the quarter, unchanged from a year ago.

As at 1.07pm, Manhattan Resources shares were trading at 2.8 cents, down 0.3 cent or 9.7 per cent.

For the second quarter, revenue fell 57 per cent to $3.2 million, from $7.4 million a year ago, from the disposal of vessels in November 2018. Shipping revenue also fell to $300,000 from $4.4 million a year ago.

The group's power plant segment saw a net profit of $200,000, compared with a net loss of $1.3 million a year ago, mainly from higher sales and decrease in coal expenses.

The company had also saw a decrease in finance cost and a decrease in maintenance cost incurred for its power plant, offset by increases in operation and maintenance fees.

For the first half of 2019, Manhattan Resources narrowed its net loss to $2.8 million, from $4.3 million a year ago. LPS stood at 0.25 cent, from 0.75 cent a year ago. Revenue meanwhile, fell 50 per cent to $7.2 million, from $14.3 million a year ago.

In a separate update on its financial position and efforts to satisfy the minimum trading price (MTP) exit criterion, the group said it would continue to make efforts and consider various options to meet the requirements of the financial exit criteria and MTP exit criterion of the Singapore Exchange's listing rules.

"The company will continue to concentrate its resources and efforts towards the existing business and will focus on creating stable revenue base and optimising operational efficiency and cost effectiveness," it added.