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Magnus Energy widens Q1 net loss to S$270,000

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.

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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.

Shares of Magnus have been suspended from trading since Aug 23.