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Ipco plunges into red in Q1

IPCO International Limited plunged into the red with a net loss of S$935,000 for its first quarter ended July 31, from a net profit of S$34,000 a year ago, due mostly to foreign exchange losses and changes in inventories of finished goods, work-in-progress and land held for sale.

Its revenue, however, went up 42 per cent to S$5.6 million year-on-year, mainly attributable to its subsidiaries.

Loss per share for the quarter was 0.018 Singapore cent, compared with earnings per share of 0.001 Singapore cent a year ago.

In its filing to the SGX, the company said that its financial results for the next 12 months are likely to be affected by the performance of its three principal operating subsidiaries - ESA Electronics Pte Ltd, Excellent Empire Ltd and Capri Investments LLC.