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Abterra Q2 net loss widens to S$1.39m on revenue slide

MAINBOARD-LISTED mineral and resources company Abterra saw a net loss of S$1.39 million for the second quarter ended June 30, widening from a year-ago loss of S$611,000, it announced on Wednesday.

This came on the back of revenue plunging 84 per cent to S$9.76 million, down from S$61.1 million in the year-ago period.

The fall in revenue was mainly due to a decrease in coke and coal prices, said Abterra. Its revenue for the period came mainly from its 51-per-cent-owned China unit Tianjin Belong Faith Energy Minerals Co.

With the latest quarter's figures, profit attributable to owners was S$162,000 for the first half of the year, reversing from a loss of S$383,000 in the year-ago period.

Loss per share for the second quarter was 0.47 Singapore cent, compared with 0.21 cent a year ago.

In a separate announcement, the watchlisted firm said it remains engaged in the business of trading coal products, "the success of which depends largely on coal price stability and overcoming the key challenge from the fluctuation of foreign exchange rate". It said it will continue to make efforts and consider various options, including exploring new business activities, in order to exit the watchlist.