Vallianz's Q2 profit drops 12.9% to US$4m

A ONE-OFF impairment charge of US$1.62 million weighed down Vallianz Holdings' results for the second quarter.

Net profit for the three months ended June 30, 2016, sank 12.9 per cent to US$4 million from the previous year, the group said in a Singapore Exchange filing on Sunday evening.

"This charge is related to the impairment of intangible assets of OER Group's customer list in relation to Swiber. As a result of the impairment charge, the group's net profit for H1 2016 eased marginally by 6.3 per cent or US$641,000 to US$9.46 million from US$10.1 million in H1 2015," said Vallianz.

Revenue in Q2 slid 2.1 per cent to US$63.7 million from the previous year.

Earnings per share dipped to 0.10 US cent from 0.11 US cent in the year-ago period. Net asset value per share edged up to 6.91 US cents as at June 30, from 6.85 US cents on Dec 31, 2015.

No dividend was proposed. Vallianz Holdings shares closed at S$0.022 on Friday.