Biosensors swings to net loss of US$1.14m in Q3 2015

BIOSENSORS International Group swung to a net loss of US$1.14 million for the third quarter ended Dec 31, 2015, from a net profit of US$7.44 million in the corresponding period a year ago.

Revenue dropped 18 per cent to US$63.65 million, as both product revenue as well as licensing and royalties revenue dropped by 13 per cent and 75 per cent, respectively.

Loss per share before exceptional items stood at 0.04 US cent, compared to an earnings per share of 0.58 US cent in the same period in 2014. After exceptional items, loss per share was 0.07 US cent, versus an earnings per share of 0.44 US cent in Q3 2014.

No dividend was declared.

Said Biosensors: "Although efforts have been put in to improve operating efficiency, the company's operating results continue to be affected by the overall revenue reduction despite some savings from continuous operating efficiency enhancement."

It added that moving forward, there remains "a lot of market uncertainty", but said that it will continue to mitigate these risks.