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Pine Capital Q4 loss widens to S$1.38m

CATALIST-LISTED asset management group Pine Capital Group, currently involved in legal proceedings against its former chief executive officer, has reported a widened loss attributable to its parent of S$1.38 million for the fourth quarter ended March 31, 2019, compared with a S$63,000 loss for the year-ago period.

This was despite revenue for the quarter rising to SS$642,000, more than double the S$308,000 figure for the year-ago period.

Full-year loss widened to S$2.56 million from S$1.76 million the year before. For the full year, administrative expenses were S$4 million, up by S$1.73 million or 76.4 per cent from the previous year. Pine Capital attributed this mainly to higher staff costs of S$1.05 million and professional fees of S$130,000.

"The group will continue to focus on enhancing shareholder value with a strategy for steady and sustainable growth in its financial services business," said Pine Capital. "The new management team will lead the group to continue growing its current core business to provide fund and investment management services."

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Pine Capital added that shareholders should take note of announcements on developments relating to - among other things - litigation and claims, and Monetary Authority of Singapore directives for its subsidiary Advance Capital Partners Asset Management Private Limited. Shares of Pine Capital have been suspended from trading since March 22.