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Cedar Strategic posts nine-month loss of 4.4m yuan

Wednesday, December 16, 2015 - 08:21

CEDAR Strategic Holdings reported three straight quarters of losses to accumulate a nine-month net loss of 4.4 million yuan (S$0.96 million) amid restructuring efforts and a probe into potentially major governance lapses.

The China real estate company's first-quarter ended March 2015 fell into a 1.2 million yuan loss from a year-ago profit of 8.3 million yuan, according to delayed results announced late Tuesday. Net loss in the second quarter was 592,000 yuan from a year-ago 493,000 yuan profit, and loss incurred in the third quarter was 2.6 million yuan from a profit of 44.6 million yuan a year earlier.

The company reported a nine-month profit of 53.4 million yuan in 2014.

Cedar Strategic is currently seeking to restructure its business and undertaking a review of internal controls and processes after a special auditor noted weaknesses and potential lapses in corporate governance, internal controls and possible non-compliance with Catalist rules.

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