Eurospan records net loss in 2Q on fair value loss

TheEdge Mon, Jan 09, 2017 06:57pm - 7 years View Original


KUALA LUMPUR (Jan 9): Eurospan Holdings Bhd recorded a net loss of RM895,000 or 2.01 sen loss per share in the second quarter ended Nov 30, 2016 (2QFY17) from a net profit of RM1.1 million or 2.44 sen per share a year ago because of lower revenue and fair value loss on derivatives of RM1.1 million in the financial period.

Revenue fell 6% to RM13.2 million from RM14.1 million a year ago, said the Penang-based furniture maker in a filing with Bursa Malaysia today.

In the half year ended Nov 30, 2016 (1HFY17), Europsan posted RM316,000 net loss or 0.71 sen loss per share compared to a net profit of RM731,000 or 1.65 sen per share in 1HFY16, while revenue stood at RM26.3 million, down 11.1% from RM29.6 million in the previous year.

Going forward, barring any unforeseen changes in the global economic climate and market conditions, the group will continue to be cautious about any challenge ahead.

It added that the management will continue its effort in improving its operating results.

Shares in Eurospan closed flat at 64 sen for a market capitalisation RM28.4 million.

 

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