World Class Global sinks into red with Q3 loss

CATALIST-LISTED World Class Global Limited has sunk into the red with a net loss of S$1.7 million from a net profit of S$2.9 million in the third quarter, mainly due to the increase in employee benefits, higher holding costs incurred for properties held for sale in Malaysia and lower foreign exchange gain.

For the three months ended Sept 30, 2017, loss per share stood at 0.20 Singapore cents. Earnings per share the year before was 0.36 Singapore cents.

World Class Global said on Monday that the group did not record any revenue from the sale of development properties nor any materials and subcontract costs in Q3 2017 and 9M 2017 as none of its development projects were completed and handed over to the purchasers.

The company said that it has locked in more than S$1.2 billion of sales revenue as at Nov 6.

World Class Global last traded on Nov 3 and closed trading at S$0.255.