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World Class Global H1 bottomline still mired in red ink with S$2.9m loss

NET loss for property developer World Class Global (WCG) narrowed to S$2.9 million in its first half, from a net loss of S$4.7 million in the previous year, the group said in a Singapore Exchange filing on Sunday morning.

For the six months ended June 30, WCG, a spin-off of jeweller Aspial Corp, did not record any revenue from the sale of development properties nor any materials and subcontract costs in both Q2 and H1, as none of its development projects were completed and handed over to the purchasers.

In its filing, it said the group recorded a loss before tax of S$2.8 million in H1, a decrease of S$1.7 million or 39 per cent from S$4.5 million in the same period last year. This was mainly due to net foreign exchange gain of S$3.3 million, partially offset by an increase in employee benefits and listing expenses in connection with the initial public offering (IPO).

WCG had listed and traded on June 15, expecting to raise net proceeds of about S$21.9 million from a Catalist IPO spinoff. The 136 million invitation shares then comprised 3.98 million shares to be offered to the public, and 132.02 million shares to be placed out, with shares of both tranches priced at S$0.26 apiece.

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Its H1 loss per share shrank to 0.36 Singapore cents, from a loss per share of 0.58 Singapore cents in the preceding year. Net asset value per share expanded to 11.46 Singapore cents as at June 30, from 9.84 Singapore cents six months ago.