MTQ Corporation files notice of 3 years' losses; 6-month market cap still above SGX watch list threshold
MAINBOARD-LISTED MTQ Corporation on Wednesday filed a notice of three consecutive years' losses, after it sunk deeper into the red with a full-year loss of S$27.8 million for the 2018 fiscal year.
The regional engineering, maintenance and subsea services group's net loss was S$15.1 million in FY 2017.
Under Singapore's listing rules, companies will be put on the watch list if they record pre-tax losses for three straight years, and have an average daily market capitalisation of less than S$40 million over six months.
As at June 20, MTQ's six-month average daily market capitalisation stands at S$47 million.
For the three months ended March 31, MTQ recorded a deeper loss of S$15.9 million for its fourth-quarter results, from S$4.6 million a year ago. This was due to higher losses from one of its business segments as the company continues to operate in a challenging environment.
Loss per share (LPS) was 10.32 Singapore cents in Q4 2018, while LPS was 2.96 Singapore cents in the year-ago period. LPS stood at 17.98 Singapore cents in FY 2018 and 9.80 Singapore cents in FY 2017.
MTQ's revenue in Q4 2018 was 43 per cent lower at S$22.6 million while revenue in FY 2018 was 14 per cent down at S$111.9 million.
MTQ last traded at S$0.19 on June 14.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama