Pollux Properties, PACC Offshore call for trading halts

POLLUX Properties and PACC Offshore Services Holdings (POSH) have separately called for trading halts on Thursday, pending the release of announcements.

During the morning session, Pollux Properties shares more than doubled to seven Singapore cents as at 11.38am. Prior to the trading halt called at 1.01pm, the counter was trading at 70 per cent or 2.1 cents higher at 5.1 Singapore cents, compared with the previous day's close of three cents.

Pollux Properties on Tuesday released its first-quarter results for the period ended June 30, sinking into the red with a net loss of S$531,000, from a net profit of S$847,000 a year ago. This came on the back of a rise in its share of loss of a joint venture by S$1.10 million to S$1.2 million, which was mainly due to a delay in obtaining strata title for a project.

Loss per share stood at 0.02 Singapore cent, from earnings per share of 0.03 cent the year prior. Revenue was up 21 per cent to S$3.4 million, from S$2.8 million a year ago, due to higher rental income collected.

The shares of mainboard-listed POSH meanwhile climbed as much as 19.2 per cent to 13 Singapore cents as at 10.44am, compared with its Wednesday closing price of 10.9 cents.

Prior to calling for a trading halt at 12.30pm, the counter was up 16.6 per cent or 1.8 cents at 12.7 cents.

On Oct 24, the company disclosed that its joint venture (JV) company POSH Terasea Pte Ltd will be wound up by way of a creditors' voluntary winding up. Posh has a 50 per cent stake in the JV.

Terasea - a JV between Ezion and Seabridge Marine Services - owns the other half of POSH Terasea.