AsiaPhos board warns of expected Q3 net loss

CATALIST-LISTED AsiaPhos is expected to report a third-quarter net loss, against positive earnings in the same period the year before, the board warned on Friday.

The decline into the red came on the back of lower revenue, based on a preliminary assessment of unaudited results for the three months to Sept 30, it said.

It added that AsiaPhos had been unable to resume phosphorus production in the quarter "because of the wrongful actions by the People's Republic of China's (sic) in relation to the group's mining operation".

While the board did not elaborate, the group has previously been embroiled in a legal tussle with provincial authorities over the non-renewal of mining and exploration rights in Sichuan.

The phosphate mining company had earlier also issued a profit warning for the second quarter.

Unaudited third-quarter results are slated for release by Nov 14, the board has now said.

AsiaPhos shed 0.1 Singapore cent or 10 per cent to close at 0.9 Singapore cent before the announcement.