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Thakral Corp posts S$358,000 loss for Q1

Mainboard-listed Thakral Corp reported a net loss of S$358,000 for the three months ended March 31, 2015, compared to a profit of S$172,000 a year ago.

Revenue was 56 per cent lower at S$79.82 million due to the group's strategic shift away from the distribution of lower margin, fast moving consumer goods. Loss per share was 0.01 Singapore cent in Q1FY15, versus earnings per share of 0.01 cent in the corresponding quarter a year ago.

During the quarter, gross profit increased 15 per cent to S$7.3 million, thanks to the improved performance of its investment division. Gross profit margin also improved to 9.2 per cent, up from 3.6 per cent a year ago.

Natarajan Subramaniam, independent non-executive chairman of Thakral said: "Going forward, Australia's real estate sector is predicted to stay positive in view of the prevailing low interest rate environment. Our investment division will continue to participate in real estate projects in Australia and build on the growth it has enjoyed, whilst establishing new platforms in other asset classes and funds management (and) exploring new opportunities in Asia."

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Despite slower economic growth in China, consumption growth remains positive, he pointed out. "We will step up our efforts to scout for new brands and products to enlarge our customer base with the aim of returning to profitability in due course."