Albedo in a fix over botched RTO deal, dismal H1 results

Singapore

STEEL-MAKER Albedo has revealed an anaemic set of half-year results, which have lent an air of desperation to its bid to scour for new businesses to lift its waning financials.

For the half-year to June 2014, it turned in a loss of S$18,000, based on net income attributable to equity-holders - though this was much lower than the S$205,000 loss of a year back.

Revenue fell 24 per cent to S$6.14 million, no thanks to lower aluminium scrap sales on the back of higher export tax, it said.

The weak numbers come on the heels of a botched S$1.86 billion reverse takeover (RTO) involving Malaysian billionaire Danny Tan, who owns tracts of land in Iskandar Malay…