GP Batteries responds to SGX query

THAT "bank loans and overdrafts" decreased from S$149.81 million to S$124.93 million for the financial year ended March 31, 2015, was due mainly to the repayment of the group's borrowings with positive cash flow generated by the group's operating activities and proceeds from the sale of properties, GP Batteries said on Friday.

The mainboard-listed battery manufacturer was responding to a query by Singapore Exchange (SGX) on its financial statement released on May 27.

"The key components of 'bank loan and overdrafts' are short term borrowings such as trade finance, money market loans and overdrafts with financial institutions," explained GP Batteries in a statement.