Texchem-Pack's losses narrow to RM1.68 million for Q1

TEXCHEM-PACK Holdings saw its losses narrow to RM1.68 million (S$627 million) for the first quarter ended March 31, 2015, from RM3.96 million in the corresponding quarter a year ago.

Revenue was up 13 per cent year on year to RM47.52 million due to higher sales in the data storage, consumer electronic and electrical as well as medical/life sciences segments. Loss per share came to 1.21 Malaysian sen, compared to loss per share of 2.86 Malaysian sen a year ago.

During the quarter under review, administrative expenses rose 9 per cent to RM8.32 million owing to higher payroll costs.

Texchem-Pack has been on the Singapore Exchange Watch-List since March 5, 2012.

Meanwhile, in a separate announcement, Texchem-Pack said that its controlling shareholder, Texchem Resources (TRB), had requested a further three- month extension to make an exit offer for the delisting of Texchem-Pack. TRB was unable to come up with an exit offer price as TRB required an updated estimate value of the firm's assets and its subsidiaries.

"Pending such a revaluation, TRB was not able to meet the 7 April deadline to submit its exit offer proposal. The company has, on 2 April, applied to the Singapore Exchange Securities Trading seeking a further extension of a further three months for TRB to make a reasonable exit offer to the company's shareholders," it added.