Seatrium, GSH and Global Invacom report 3 straight years of losses

A TRIO of mainboard-listed companies – offshore and marine company Seatrium, property developer GSH Corporation and satellite-communications equipment provider Global Invacom – on Tuesday (Apr 9) filed notices of three consecutive years of losses, based on audited full-year consolidated accounts.

Seatrium said its latest six-month average daily market capitalisation stood at S$7 billion as of Monday. GSH’s latest six-month average daily market cap stood at S$349 million as of the same day.

Global Invacom’s came in at S$13.7 million, below the S$40 million mark that would keep it off the Singapore Exchange (SGX) watch list. 

The rules under SGX’s listing manual state that mainboard-listed companies are placed on the watch list if they record pre-tax losses for the three latest consecutive financial years, and fail to maintain an average daily market cap of at least S$40 million over the preceding six months.

Watch-listed companies must take measures to satisfy these financial requirements within 36 months of the date they are placed on the list; otherwise, they are delisted from SGX or have their trading suspended with a view to delisting.

SGX conducts quarterly reviews to identify issuers to be included on the watch list. These take place on the first market days in March, June, September and December.

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The three companies said they will make an immediate announcement if they are notified by SGX that they are to be placed on the watch list.

In Seatrium’s latest financials released on Feb 26, its H2 net loss widened to S$1.7 billion from S$118.3 million in the year-ago period. Loss per share (LPS) for the period stood at S$0.0246, up from its LPS of S$0.0038 in H2 FY2022.

In FY2023, Seatrium’s net loss stood at S$1.9 billion, up from its loss of S$261.1 million the prior year, with LPS at S$0.0312 versus S$0.0083. Its revenue for the year was S$7.3 billion, compared with S$1.9 billion in FY2022. 

GSH’s net loss for the fiscal year ended Dec 31, 2023 narrowed to S$11.2 million from S$18.6 million in the prior year.

Global Invacom posted a narrowed net loss of US$963,000 for FY2023, versus a net loss of US$15.5 million in FY2022. This translated to LPS of US$0.0035, as opposed to the prior year’s US$0.0572. The group attributed its narrower net loss to cost-saving measures which had been in place since Q3 FY2022, despite an 11.5 per cent decline in revenue.

Shares of Seatrium : S51 0% gained 1.2 per cent or S$0.001 on Tuesday to close at S$0.086; Global Invacom : QS9 0% closed flat at S$0.056.

Shares of GSH lost 2.4 per cent or S$0.004 to S$0.165.