AVARGA Ltd, which makes paper, swung into a net loss in the fourth quarter from a year ago, reflected in part higher forex losses.

Net loss for the three months ended Dec 31, 2018 stood at S$3.78 million, reversing from a restated net profit of S$465,000 posted the same period a year ago, it posted on Saturday in a regulatory filing. 

The group posted a forex loss of S$4.6 million, against a forex loss of S$2.4 million in the year-ago period. It also had an absence of a S$2.4 million one-off gain on extinguishment of subordinated notes that was recognised in the year-ago quarter.

Revenue was also down 10 per cent from a year ago to S$329 million.

Avarga was formerly known as UPP Holdings.