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ecoWise narrows net loss to S$952,000 in Q1

A LOWER share of losses from its associate and jointly controlled entity enabled ecoWise Holdings to narrow its net loss to S$952,000 in its first quarter ended Jan 31, from a net loss of S$1.1 million in the previous year.

The environmental solutions company reported a share of losses from associate and jointly controlled entity of S$46,000 in the quarter, compared to S$558,000 a year ago. In its latest quarter, the net loss was mainly incurred by Chongqing eco-CTIG Rubber Technology.

But higher cost of sales and administrative expenses continued to keep its financial results in the red.

For the three months ended Jan 30, revenue climbed 21.3 per cent to S$14.5 million from the preceding year, due to higher turnover from the group's renewable energy, resource recovery and integrated environmental management solutions segments.

This was thanks to increased woodchips supply to customers, more electrical and heat energy consumed by Gardens by the Bay, as well as an increase in the sales of retreaded tyre and rubber compound, and revenue from technical support services rendered.

Loss per share shrank to 0.099 Singapore cent, from a loss per share of 0.116 Singapore cent in the previous year.

Net asset value per share slipped to 4.4 Singapore cents as at Jan 31, from 4.43 Singapore cents three months ago.