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Q2 net loss for ecoWise Holdings narrows to S$504,000

ENVIRONMENTAL solutions firm ecoWise Holdings narrowed its net loss to S$504,000 in its second quarter ended Apr 30, from a net loss of S$1.3 million in the previous year.

For the half-year ended Apr 30, the firm's net loss narrowed to S$1.4 million, from S$2.3 million in the previous year.

Revenue for the quarter grew 32.3 per cent to S$14.9 million from S$11.3 million the year before, due to higher revenue from the group's resource recovery segment - specifically, increased revenue from the sale of rubber compounds, retreaded tyres, washed copper slag, and an increase in woodchips supply to customers and other materials.

For the half-year, revenue was up 26.6 per cent at S$29.5 million.

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Loss per share for the second quarter shrank to 0.058 Singapore cent, from 0.149 Singapore cent in the previous year. Net asset value per share slipped to 4.36 Singapore cents as at Apr 30, from 4.43 Singapore cents as at Oct 31.

ecoWise shares last closed at 3.6 Singapore cents on June 8.