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Shell company Jaya Holdings posts S$43,000 loss and no revenue in Q1

JAYA Holdings on Thursday reported a net loss of S$43,000 for its first quarter ended Sept 30, 2014. This contrasted with its net profit of S$9.6 million a year ago.

It did not reap any revenue for the quarter. A year ago, it generated S$37.1 million in turnover.

Jaya had sold all its assets for its offshore and marine business to Mermaid Marine earlier this year for S$625 million, with the sale completed in June.

Since the sale has now made Jaya a cash company, the group is currently considering various options available to maximise value for its shareholders, including a sale of the listed shell.