Accrelist narrows FY2019 loss to S$71,000

Singapore

CORPORATE accretion services provider Accrelist Ltd narrowed its net loss to S$71,000 for the financial year ended March 31, from a S$310,000 net loss for the year-ago period. It cited a sustained turnaround and stronger operational performance of its subsidiary, Jubilee Industries Holdings, as the reason for the group's improved performance.

Earnings per share for fiscal 2019 was zero Singapore cent, versus a loss per share of 0.01 Singapore cent previously.

Revenue increased 49 per cent to S$167.1 million from S$112.5 million due to the full consolidation of Jubilee's results for FY2019, Jubilee's acquisition of Honfoong Plastics Industries and Accrelist's acquisition of the Refresh Laser Clinic network.

Net asset value (NAV) per ordinary share was one Singapore cent versus 0.92 Singapore cent.

Accrelist expects long-term growth with its purchase of the Refresh Laser Clinic network and the "increasing social acceptance in the aesthetic medical services sector".

Catalist-listed Accrelist's shares were flat at S$0.004 before it called for a trading halt on Tuesday afternoon.

Its subsidiary Catalist-listed Jubilee also reported its fiscal 2019 results, with net profit for fiscal 2019 ended March 31 more than tripling to S$3.3 million, from S$932,000 a year ago.

The electronic components and plastic mould producer's earnings per share was 0.34 Singapore cent for the year versus 0.15 Singapore cent previously. Its shares were unchanged at S$0.028 on Tuesday afternoon prior to its trading halt.

Revenue increased 2.3 per cent to S$163.7 million from S$160 million, with its mechanical business unit's revenue more than doubling after the acquisition of Honfoong Plastics.

This offset the slight drop in revenue in its electronic components distribution business unit to S$145 million from S$151.8 million, due to softening demand for some of the group's products.

Both Accrelist and Jubilee declared no dividend for FY2019 and FY2018.

Jubilee expects the Honfoong Plastics acquisition to diversify its products' industries and widen its customer base.