SINGAPORE - Yorkshine has sunk into the red with a third-quarter net loss of US$989,000 for the three months ended Jan 31, 2019, from a net profit of US$8.2 million a year ago.
This was due to its tinplate manufacturing business being at its early resumed stage, the company said in a regulatory filing on Thursday night (May 16).
Yorkshine saw loss per share (LPS) at 0.52 US cent, from earnings per share (EPS) of 4.26 US cents a year ago. No dividend for the third quarter has been declared, unchanged from a year ago.
The company's revenue for the quarter stood at US$4.7 million, compared with no revenue for the period a year ago. Other income fell 91 per cent to US$981,000, from US$10.8 million a year ago.
For the nine months ended Jan 31, the company saw a net loss of US$8.3 million, from a net profit of US$4.7 million a year ago. LPS was at 4.31 US cents, from EPS of 2.43 US cents a year ago.
Revenue for the nine months was US$10.3 million, compared with no revenue for the year-ago period.
Other income fell 88.3 per cent to US$1.4 million, from US$12.0 million a year ago due to a US$10.4 million one-off gain on assignment of loan obligation for the previous year.
The group had resumed its tinplate manufacturing business in May 2018 and said it would take some time or buffer from the kick-off to generate profits from the business.
Meanwhile, it said it would consider resuming its temporarily suspended trade and distribution business, "should market and economic conditions prevail".
It added that it would "actively explore and identify" more meaningful investment and other business opportunities riding on China's One Belt, One Road initiative, the construction of the Great Bay Area and "high growth in mainland China".
Shares in the company remain suspended until further notice. Yorkshine, which is on the Singapore Exchange (SGX) watch list, and listed on the Hong Kong Exchange (SEHK), had its shares suspended since Aug 1, 2017.
In a separate announcement, Yorkshine said it has submitted an application to the SGX-ST to extend deadlines for its resumption of trading proposal to July 31, to exit the watch list, and for the results of its financial year ended April 30, 2020, to be assessed for its exit of the watch list.
The company said it is focusing its efforts and resources on fulfilling six conditions set by the SEHK which need to be fulfilled by July 31, 2019.
"Furthermore, the fulfilment of the conditions is in line with the company's restructuring efforts to achieve a resumption of trading in its shares on the SEHK and the SGX-ST," it added.