SINGAPORE (Sept 14): IPCO International reported a 1Q18 net loss of $935,000 from a net profit of $34,000 a year ago on higher total cost and expenses.

Revenue for the three months ended July rose 27.2% to $12.6 million from a year ago, led by its subsidiaries ESA Electronics which reported a 42% rise in sales. Excellent Empire, which supplies natural gas to households and industrial and commercial users also achieved sales of $7 million.

However, total cost and expenses rose 29.6% to $13.3 million, led by a 17.3% rise in expenses of raw materials and consumables used to $8.3 million and $1.4 million in foreign exchange loss.

Loss per share for the quarter was 0.018 cent, compared with earnings per share of 0.001 cent a year ago.

In its filing to the SGX, IPCO says its financial results for the next 12 months are likely to be affected by the performance of its three principal operating subsidiaries - ESA, Excellent Empire and Capri Investments.

Shares in IPCO are down 33.3% for the year to 0.2 cent.