Company Briefs: Tat Hong Holdings

Tat Hong Holdings

Crane operator Tat Hong reported a sharper deficit for the fourth quarter, with a net loss of $39.8 million, compared with a loss of $17.1 million in the same period a year earlier. Revenue for the three months to March 31 was $126.7 million, a 7 per cent fall from $136.6 million for the same period a year earlier.

The company attributed the red ink to non-cash impairment charges, a substantial foreign exchange hit and losses at its crane distribution business in Indonesia.

The full-year net loss was $39.3 million while revenue fell 13 per cent to $528.2 million.

Loss per share for the fourth quarter came in at -6.34 cents, from a loss per share of -2.71 cents a year earlier, while net asset value came in at 93 cents as at March 31, down from $1.03 as at March 31 last year.

Regal International Group

Property developer Regal International's Hisaka International Holdings unit is proposing to sell its entire stakes in its own subsidiaries - Hisaka Mechatronic (Suzhou) and Tech Motion (Shanghai) - to businessman Alvin Yap Ah Seng. The firm said yesterday that Mr Yap is proposing to pay $150,000 for Hisaka Mechatronic and $50,000 for Tech Motion.

Hisaka Mechatronic, which distributes and fabricates precision engineering components, made a net loss of 2.1 million yuan (S$440,100) in the first quarter. Tech Motion imports and exports mechatonic, electronic, rubber and plastic products. It made a first-quarter net profit of 106,085 yuan.

The firm said it intends to seek shareholders' approval even though the sale of Tech Motion is less than the threshold for a major transaction.

GP Industries

Batteries manufacturer GP Industries reported a fourth-quarter net loss of $4.2 million, compared with a profit of $1.5 million in the same period a year earlier. Revenue for the three months to March 31 came in at $233.6 million, unchanged from last year.

The full-year net profit was up 10.3 per cent to $22.8 million, with revenue rising 6.6 per cent to $1.04 billion. The firm attributed the deficit for the quarter to an exceptional loss of $7.4 million from impairment charges for under-utilised assets.Full-year earnings per share was 4.7 cents, compared with 5.16 cents last year, while net asset value per share was 69.66 cents as at March 31, compared with 72.51 cents a year earlier.

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A version of this article appeared in the print edition of The Straits Times on May 28, 2016, with the headline Company Briefs: Tat Hong Holdings. Subscribe