Transcorp loss widens to S$2.68 million for half-year

INVESTMENT holding company Transcorp, formerly known as Transview, saw its loss widen to S$2.68 million for the half-year ended April 30, from S$2.28 million in the same period a year before.

Revenue fell 7.2 per cent to S$2.91 million, with Transcorp attributing this to a fall in the number of cars sold, offset by rental income from the leasing of cars.

With cost of sales also falling 9.8 per cent, gross profit was up 54.7 per cent at S$199,385. The lower cost of sales was due mainly to better management of the cost of cars as well as operating costs.

Administrative expenses were down, but higher finance costs and other operating expenses contributed to a higher loss for the period. The latter included a reversal of fair value on inventories amounting to S$0.82 million, due to the fair value of inventories being lower than the expected selling price of inventories as at April 30, 2018.

Transcorp shares closed unchanged at 1.2 Singapore cents on Tuesday.