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New Silkroute's Q4 loss widens to US$1m

NEW Silkroutes Group's net loss widened to US$1 million for its fourth quarter, from a net loss of US$268,000 in the year-ago period, the group said in a Singapore Exchange filing on Tuesday morning.

For the three months ended June 30, revenue surged 227.2 per cent to US$114.6 million from the previous year. The increase in revenue was mainly due to International Energy Group Pte Ltd, the group's wholly owned oil trading subsidiary, turning in another strong quarter, it said.

Other income dropped substantially from US$0.442 million for Q4 2016 to US$0.204 million for Q4 2017 because the deposit for the acquisition of Thai GNCC no longer attracted interest (income) due to the conversion of the deposit to equity during Q4 2017, it said.

Loss per share narrowed to 1.382 US cents, from a loss per share of 3.143 US cents in the previous year. Net asset value per share slipped to 27.081 US cents as at June 30, from 27.495 US cents a year ago.

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No dividend was proposed. New Silkroutes Group shares ended unchanged at S$0.39 on Monday.