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China Fibretech replies to SGX queries on financial statements

Wednesday, November 23, 2016 - 08:12

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DYE maker China Fibretech has responded to queries by Singapore Exchange (SGX) surrounding its financial results for the third quarter ended September and the first nine months of the year.

DYE maker China Fibretech has responded to queries by Singapore Exchange (SGX) surrounding its financial results for the third quarter ended September and the first nine months of the year.

In a filing to the bourse operator on Wednesday, the fabric treatment company set out a breakdown of what constituted administrative expenses, cost of sales, and other operating expenses, among other things.

The queries came after China Fibretech last week reported a staggering third-quarter loss as a result of disputed payments made to settle a claim.

It logged a net loss of 466.9 million yuan (S$96 million) for the three months ended Sept 30, 2016, reversing from a net profit of 1.9 million yuan in the same period last year.

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This, as the company emptied 99.9 per cent of its cash and bank balances, the bulk of which went towards paying compensation of 470.4 million yuan to three claimants in September.

China Fibretech had suspended its stock a year ago over claims by customers on alleged quality issues.

Trading in its shares remains suspended.

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