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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
SocGen Q1 profit slumps less than expected as investment bank surprises
Wall Street Journal moves Asia headquarters from Hong Kong to Singapore
Macquarie sees biggest profit dip in 15 years on commodities downturn
HSBC appoints ex-Citi banker as new Singapore head of global banking
H2G Green chief to stand trial on Aug 5 amid MOM probe
Dasin Retail Trust’s trustee-manager chairman, directors deny allegations of misconduct