Terratech posts Q2 net profit of S$5.06 million

PREMIUM marble producer Terratech Group swung into the black with a net profit of S$5.06 million for the second quarter ended Sept 30, compared to a loss of S$2.17 million previously.

Revenue came to S$32,000 for the quarter under review due to higher marble sales. There was no comparable revenue figure for the corresponding quarter last year. Terratech was listed on the Catalist board of the Singapore Exchange in July this year.

For the quarter under review, other income increased from S$5,000 to S$8.86 million, mainly due to a one-off fair value gain on the conversion of convertible bonds into company shares in line with its listing.

Earnings per share came to 0.82 Singapore cent, versus a loss per share of 0.35 Singapore cent.

Meanwhile, for the half-year, net profit came to S$2.9 million, compared to a loss of S$3.78 million. Revenue for the six-month period was S$42,000.