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Jason Holdings narrows loss for fiscal 2017
JASON Holdings, which makes wood floorings, on Tuesday posted a smaller net loss for the fiscal 2017.
Net loss for its full-year ended Dec 31, 2017 stood at S$121,000, compared to a restated net loss of S$4.92 million.
The year-ago period included a S$3.17 million loss on deconsolidation of subsidiary. The restated numbers reflect the reclassification from revaluation reserve, given the deconsolidation of subsidiary, that is in accumulated losses instead of through other comprehensive income.
The fiscal 2016 figures do not consolidate the financial statements of its wholly owned subsidiary, Jason Parquet Specialist (JPS), from Jan 1, 2016 to June 10, 2016. JPS was being wound up on June 10, 2016, and the board viewed that it was not possible to consolidate the financial statements of JPS because, among other things, the company did not have complete financial records of JPS.
This comes as the firm's former chief executive officer Jason Sim Chon Ang was this month charged in the State Courts for allegedly cheating banks of over S$5 million over four years. (see amendment note)
The story has been amended to say that Jason Sim is the former CEO of Jason Holdings.