Sino Construction posts S$7m loss

Sino Construction recorded a S$7 million net loss for its latest quarter ended Dec 31, 2014, versus a S$2.18 million net gain in the year ago period.

The net loss is mainly attributable to foreign currency translation differences that arose from translating the results of its discontinued operations and was reclassified to profit and loss upon the completion of its full disposal of Daqing Xinyuan Construction Installation on March 27, 2014.

The group's revenue stood at S$1.12 million, versus nil in the restated period last year. Loss per share was 0.53 cents, compared to 0.17 cents a year ago. Meanwhile, net asset value per share was less than one cent.

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