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Blumont reports wider Q2 loss

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Blumont Group saw a slight widening in losses to S$4.31 million for the second quarter ended June 30, from S$4.23 million a year ago, due to an impairment loss on investment in an associate.

BLUMONT Group saw a slight widening in losses to S$4.31 million for the second quarter ended June 30, from S$4.23 million a year ago, due to an impairment loss on investment in an associate.

Revenue increased 12 per cent year on year to S$946,000, thanks to higher contributions from its sterilisation business segment. Loss per share came to 0.15 Singapore cent, versus 0.16 cent in Q2 FY14, according to its financial statements which were released on Tuesday.

During the quarter, expenses swelled from S$3.74 million to S$5.56 million as it recorded an impairment loss of investment in associate of S$1.74 million.

For the first half of the year, losses deepened from S$10.1 million to S$14.55 million, while revenue inched up 2 per cent year on year to S$1.85 million.

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As at June 30, the group had a negative working capital of S$26.74 million, versus S$16.46 million a year ago and a net liability of S$1.23 million, compared to net assets of S$8.7 million. Blumont said that it intends to fund its operation through its internal resources, disposal of investments, borrowings and/or capital raising, as and when required.

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