Absence of fair-value gains drags Blumont into the red for Q3

Singapore

BLUMONT Group has sunk into the red for the third quarter ended Sept 30, 2014, given the absence of the S$40.91 million net unrealised fair value gains on its financial assets seen a year ago.

Instead, it incurred S$1.74 million in net other losses in the third quarter after its portfolio of equity investments in companies listed on the Singapore Exchange and Bursa Malaysia fell in value. As a result, group net loss was S$13.48 million, or 0.52 Singapore cent, compared to a net profit of S$33.73 million, or 1.97 cents, a year ago.