Company Briefs: Addvalue Tech

Addvalue Tech

Net loss for Addvalue Technologies narrowed to about US$220,000 (S$305,500) in the fiscal first quarter ended June 30 from a net loss of US$862,000 a year ago, the company announced in a Singapore Exchange (SGX) filing on Saturday.

Revenue for the communications technology products developer shrank 9.5 per cent to US$1.02 million from US$1.13 million in the corresponding period of the previous year.

Loss per share was 0.01 US cent, compared with 0.05 US cent in the first quarter of this year. Shares closed unchanged at 2.3 US cents on Thursday.

The group remains "cautiously optimistic" about achieving profitability in the current financial year, particularly in the second half of FY2020.

Hiap Seng Engineering

Hiap Seng Engineering expects to record a first-quarter net loss, according to its profit guidance issued on Friday.

Further details of the group's performance will be disclosed when it releases its first-quarter FY2020 financial statements by tomorrow, Hiap Seng said.

The company, which provides engineering and plant-related services for the petroleum and petrochemical industry, last month told the Singapore Exchange that it should be able to continue as a going concern, based on cash-flow projections for fiscal 2020 to fiscal 2022 conducted by an independent consultancy firm.

The bourse had queried Hiap Seng on its financial results for FY2019, asking if the group is able to operate as a going concern and whether its shares should be suspended, given its net current liabilities of about $20 million.

Hiap Seng had said that it is actively discussing additional equity funding with potential investors and financial advisers.

United Food Holdings

Mainboard-listed United Food Holdings said yesterday that it expects a net loss for the first quarter ended June 30, mainly due to lower income from both trading segment and animal pre-mixed segment.

Further details of the group's financial performance will be disclosed in its results announcement for the quarter due by tomorrow.

The company, which produces and supplies soya bean products and animal feed in China, was placed on the Singapore Exchange's watch list on June 6 as it failed to comply with both the minimum trading price and financial entry criteria.

A version of this article appeared in the print edition of The Straits Times on August 13, 2019, with the headline 'Company Briefs'. Subscribe