SINGAPORE - Mainboard-listed The Place Holdings has narrowed its first quarter net loss to $334,000 for the three months ended March 31, from $750,000 a year ago.
This was bolstered by revenue from the management of cultural events, the investment holding company said in a regulatory filing on Wednesday night (April 24).
Loss per share was at 0.01 cent, unchanged from the year before. There is no dividend declared for the quarter, unchanged from the same period a year ago. Net asset value for the group stood at 1.58 cents, also unchanged from a year ago.
The Place Holdings shares closed flat at $0.031 on Wednesday.
Revenue for the group grew 37 per cent to $404,000, from $295,000 a year ago. This comprised revenue of $101,500 from the management of cultural events and activities and $302,500 for providing management services to BJ Aozhong Real Estate.
For the same period last year, revenue consisted of only providing management services to BJ Aozhong Real Estate.
The group added that revenue from these events and activities are mainly from non-recurring event management contracts secured.
Following its successful acquisition of Realty Centre for $148 million, the group is looking to embark on tourism-related business activities in Singapore. This allows it to have a physical presence locally despite all its businesses being located overseas, with the aim of bringing more relevance to shareholders.
Having a physical presence will also provide a springboard for its enlarged tourism-related endeavours locally and globally, the group said.
Realty Centre is also expected to generate recurring rental income and development profit from asset classes to be developed by New Vision Investment. It will also house the headquarters of the group to help in the company's positioning for future business partnerships and investments as it reaches out globally.
The Place Holdings also disclosed that it is pending approvals from relevant regulatory authorities in China for the proposed acquisition of Tianjie Yuntai Wanrun (Xiuwu) Property Development.