Corporate Digest

Fortress Minerals

The company reported on Friday a 42 per cent decline year on year in net profit to US$3.3 million for its second quarter ended Aug 31. Revenue for the three months was also lower at US$10 million, compared to US$13 million in the same period a year earlier.

For the first half of its financial year, Fortress Minerals recorded a 33.7 per cent increase in net profit year on year, reaching US$10.5 million. This came as revenue climbed 35.8 per cent to US$27.3 million.

The iron ore concentrate producer said the higher revenue was driven by the higher-than-average realised selling price, underpinned by a robust pricing environment.

Ayondo

The company said on Friday that it has submitted an appeal to the Singapore Exchange (SGX) in relation to the notification of delisting it received last month.

It said it has not received any proposal or exit offer from any shareholder, and the company currently does not have the cash resources to consider making an exit offer to its shareholders. The company did not provide further details in relation to its appeal.

Trading of Ayondo shares have been suspended since February 2019.

Raffles Education

The company's auditors highlighted that a material uncertainty exists that may cast significant doubt on the ability of the group and company to continue as a going concern. It noted that the group's current liabilities exceeded its current assets by S$196.4 million for the financial year ended June 2021.

However, Raffles Education directors have highlighted a number of mitigating factors, and said they believe that the net current liabilities position will not likely pose material uncertainty on the ability of the group and of the company as a going concern.