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LTC slips into the red with Q3 net loss

MAINBOARD-LISTED LTC Corp posted a third-quarter net loss of S$150,000, a reversal from a net profit of S$1.89 million for the year-ago period.

Loss per share for the three months ended Mar 31, 2018 was 0.1 Singapore cent, compared to earnings per share of 1.21 Singapore cents for the corresponding quarter in FY17.

Third-quarter revenue for the group with exposure to property and steel trading businesses was 2.7 per cent lower at S$27.02 million, mainly due to lower turnover for steel. Steel turnover fell S$800,000 to S$25.1 million on lower sales in Malaysia and Singapore. Property development did not contribute any revenue in Q3 while property rental turnover was flat at S$1.9 million.

The group saw its third-quarter administrative expenses surge 13.2 per cent to S$3.09 million.

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After taking in its share of results from a joint venture and an associated company, LTC's third-quarter net operating profit was 70.8 per cent lower at S$1.04 million.

Nine-month net profit was S$1.58 million, down 63.4 per cent from S$4.32 million.

The Cheng family as LTC's controlling shareholders have launched a buyout offer for the group. The offer valued shares in the company at S$0.925 apiece. LTC closed at S$0.92 on Monday.