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Ryobi Kiso swings into the red with S$50.9m Q4 loss

RYOBI Kiso Holdings posted a net loss of S$50.9 million for the fourth quarter ended June 30, compared with a net profit of S$0.57 million for the period a year ago, the ground engineering solutions firm reported on Thursday night.

Revenue fell to S$24.2 million from S$42.8 million, down 43.4 per cent, on a year-on-year basis.

Cost of sales increased to S$70.3 million for the current quarter from S$38.3 million for Q4 2017, due to difficult ground conditions for certain major projects, stringent regulatory requirements and adverse working conditions.

The group added that it has been operating under unfavourable trade terms and purchase prices granted by major suppliers and main contractors, a situation which was aggravated after Ryobi Kiso received letters of demands from various financial institutions and creditors since June.

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For the full year, net loss was S$54.5 million compared with net profit of S$72,000 the previous year, while revenue rose marginally by 1.4 per cent to S$146.9 million from S$144.8 million. The increase was primarily from the group's bored piling segment, offset by a decrease in revenue from eco-friendly piling, geoservices and others segments.

Ryobi Kiso reported loss per share of 17.01 Singapore cents for the quarter under review, compared with earnings per share of 0.03 Singapore cent a year ago. Loss per share for the full year was 19.19 Singapore cents per share versus earnings per share of 0.27 Singapore cent for fiscal year 2017.

No dividend was declared for the current financial year. In fiscal 2017, the group declared a final dividend of 0.4 Singapore cent.

Shares of Ryobi Kiso have been suspended since June 27, as it is undergoing a court-supervised reorganisation process for its liabilities.