SINGAPORE (June 14): ecoWise, the provider of resource recovery, renewable energy and integrated environmental solutions in Singapore and Malaysia, saw 2Q attributable losses widen to $1.4 million from $0.7 million a year ago mainly due to lower revenue, share of losses from associates and jointly-controlled entity and higher administrative expenses.
Revenue fell 23.8% to $11.3 million, dragged down by a decrease in sales from the group’s resource recovery segment which saw a decline in the sale of retreaded tyres and rubber compounds business under the Sunrich Resources Sdn Bhd (SRR Group), foreign translation effect caused by the weaker Malaysian Ringgit and decrease in tipping fees from collection of tree and wood waste.
Administrative expenses increased by 20.4% to $2.31 million mainly due to increase in manpower cost attributable to higher headcount, entertainment expenses and equity-settled share-based expenses.
