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MTQ Corporation files notice of 3 years' losses; 6-month market cap still above SGX watch list threshold

MAINBOARD-LISTED MTQ Corporation on Wednesday filed a notice of three consecutive years' losses, after it sunk deeper into the red with a full-year loss of S$27.8 million for the 2018 fiscal year.

The regional engineering, maintenance and subsea services group's net loss was S$15.1 million in FY 2017.

Under Singapore's listing rules, companies will be put on the watch list if they record pre-tax losses for three straight years, and have an average daily market capitalisation of less than S$40 million over six months.

As at June 20, MTQ's six-month average daily market capitalisation stands at S$47 million.

For the three months ended March 31, MTQ recorded a deeper loss of S$15.9 million for its fourth-quarter results, from S$4.6 million a year ago. This was due to higher losses from one of its business segments as the company continues to operate in a challenging environment.

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Loss per share (LPS) was 10.32 Singapore cents in Q4 2018, while LPS was 2.96 Singapore cents in the year-ago period. LPS stood at 17.98 Singapore cents in FY 2018 and 9.80 Singapore cents in FY 2017.

MTQ's revenue in Q4 2018 was 43 per cent lower at S$22.6 million while revenue in FY 2018 was 14 per cent down at S$111.9 million.

MTQ last traded at S$0.19 on June 14.

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