Hot stock: Oceanus sinks 11.1% amid active trading

SHARES of seafood supplier Oceanus Group plummeted on Tuesday amid heavy trading.

The stock hit an intra-day low of six Singapore cents, before easing up slightly to finish at 6.4 cents, shedding 0.8 cent or some 11.1 per cent. About 452.9 million shares changed hands, making it the most heavily traded counter on the Singapore bourse for the day.

No married deals were recorded, though several large trades, each with a value exceeding S$150,000, were carried out, ShareInvestor data shows.

Excluding last week, the counter has been posting weekly gains since the start of the year. It had surged 13.6 per cent in the week beginning Feb 15, before slipping 5.3 per cent last week.

Oceanus on Friday reported a net profit of S$8.6 million for the full year ended Dec 31, 2020, reversing from a net loss of S$7.4 million for the year-ago period.

Revenue surged to S$91.7 million - more than nine times the S$9.6 million posted for the preceding year. This came on the back of higher turnover from its aquaculture, distribution and services segments, it said.

Earnings per share came in at 0.04 Singapore cent for FY2020, versus a loss per share of 0.03 cent the year before.

Nonetheless, no dividend was declared in view of the group's current accumulated losses position as at Dec 31, 2020, Oceanus said. As at end December, the group had accumulated losses of about S$418.6 million.

Separately, Oceanus noted that it is seeking an extension of time to exit the Singapore Exchange's watch-list. The group said it will release its audited full-year consolidated accounts on or before April 15.

An issuer on the watch-list may apply to be removed from it if it records consolidated pre-tax profit for the most recently completed financial year (based on audited full year consolidated accounts), and has an average daily market cap of S$40 million or more over the last six months.