GALLANT Venture Ltd marked a steeper net loss of S$15.66 million for the first quarter ended March 31, from a net loss of S$10.41 million a year ago.
This was due mainly to lower revenue, which slipped 18 per cent to S$472.22 million. The group sold lower-priced vehicle models and sought to maintain market share in response with the broader slowdown in Indonesia's economy.
Its other income also slipped 33 per cent to S$20.56 million mainly due to one-time gain on disposal of non-core investment and sales incentives from car manufacturers in the year-ago period.
Gallant Venture - a commercial developer, integrated master planner and manager of industrial parks and resorts in Batam and Bintan - had in May 2013 acquired a 52.35 per cent stake in Indonesian automotive retailer PT Indomobil Sukses Internasional (IMAS).
It said that the reduced consumer spending in Indonesia has adversely impacted IMAS' vehicle sales. But IMAS has witnessed recent stability in the vehicle assembly business and has returned to profitability.
In a reconstitution of its remuneration committee (RC), independent director Foo Ko Hing has been appointed chairman of the committee with effect from May 9, in place of group non-executive chairman Lim Hock San, who remains a member of the RC.