Gallant Venture stays in the red with S$16.8m loss in H1

GALLANT Venture, a developer, master planner and manager for industrial parks and resorts in Batam and Bintan, remained in the red in the first half of the 2022 financial year ended Jun 30, recording a net loss of S$16.8 million, according to a Monday (Aug 8) bourse filing.

This narrowed from the year ago period, where the company saw a net loss of S$25.3 million, but follows its announcement in April that it has recorded three consecutive years of pre-tax losses, based on its audited full-year consolidated accounts.

The results translate to loss per share of 0.308 Singapore cents, against loss per share of 0.465 Singapore cents in the previous year.

Revenue was up 4.4 per cent to S$75.8 million, compared with S$72.6 million in June 2021, but costs of sales and most expenses also rose. Losses continued to be led by Gallant Venture’s resort operations and property development segments.

As at Jun 30, 2022, the company’s current liabilities exceeded its current assets by S$529.2 million, up from S$499.7 million as at Dec 31, 2021, due to its loans from and amounts owing to its subsidiaries. Excluding the loans and amount owing to its subsidiaries, its net current liabilities was S$19.2 million as at Jun 30 this year.

The board has not recommended any dividends for H1 2022 as the company is committing its cash resources to further develop and expand its industrial parks businesses.

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Shares of Gallant Venture closed flat at S$0.128 on Monday.