Magnus Energy widens Q1 net loss to S$270,000
Add BT as a preferred source
Claudia Chong
DeeperDive is a beta AI feature. Refer to full articles for the facts.
MAGNUS Energy sank deeper into the red with a net loss of S$270,000 for its first quarter ended Sept 30, compared with a loss of S$100,000 a year ago.
The Catalist-listed firm turned a lower revenue as a result of the winding down of business in the oil and gas equipment segment in South-east Asia since end-2017. Revenue decreased 21 per cent to S$4 million.
Operating income fell 81 per cent to S$159,000 mainly due to the absence of gain on disposal of business.
Loss per share was 0.002 Singapore cent, compared with 0.001 cent the year before.
In its results filing, the group said it is actively pursuing collaborative and funding opportunities globally as part of its diversification efforts to minimise its reliance on its core business in the oil and gas segment.
On Thursday, Magnus announced that it will convene an extraordinary general meeting (EGM) on Jan 9, 2020, after coming to an agreement with requisitioning shareholders that had initially proposed to hold their own EGM.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Shares of Magnus have been suspended from trading since Aug 23.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Vietnam formalises new state leadership, redefining ‘four pillars’ power balance
‘Largest Singapore commercial S-Reit proxy’: analysts say buy CICT shares after Paragon acquisition
From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?
Why where you park your joint venture matters: Lessons from a US$689 million shareholder dispute
