Gallant Venture files notice of three straight years of losses

MAINBOARD-LISTED Gallant Venture on Thursday morning gave notice of recording three consecutive years of pre-tax losses, based on its audited full-year consolidated accounts.

Gallant Venture, a developer, master planner and manager for industrial parks and resorts in Batam and Bintan, said its six-month average daily market capitalisation as at April 14 was S$709.8 million. This means it still meets the financial entry criteria to avoid being placed on the Singapore Exchange's (SGX) watch list.

Firms are placed on the SGX watch list if they record losses for the three latest consecutive financial years and have an average daily market cap of under S$40 million over the last six months.

For the full year ended Dec 31, 2020, the group's net loss from continuing business operations widened to S$59.1 million, from S$52.4 million the year before. This brings its loss per share (LPS) for FY2020 to 1.089 Singapore cents, from a restated FY2019 LPS of 0.981 cent, on a continuing operations basis.

The group's loss was largely confined to its resort segment - which was impacted by the Covid-19 outbreak and results from discontinued operations. Excluding the share of associated company's Indomobil Sukses Internasional's post-dilution results of S$20.6 million loss, Gallant Venture would have reported a net loss of S$38.5 million, it said.

No dividend was declared for the financial year.

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The group has been lossmaking since FY2017. Last year, it also issued a notice that it had recorded pre-tax losses for three consecutive years. Its six-month average daily market capitalisation at the time was S$624.1 million as at April 14, 2020.

Gallant Venture shares closed flat on Thursday at S$0.13. The counter is trading at a price-to-book ratio of 0.854.