SINGAPORE (May 10): OKH Global reported 3Q ended March losses narrowed 85.7% to $3.6 millio from a year ago. This came on the back of lower general and administrative expenses.
3Q18 revenue plunged 93.8% to $6.6 million, from $107.9 million a year ago.
The lower revenue was attributed largely to the group’s development project, ACE @ Buroh, which obtained its temporary occupancy permit (TOP) in 3Q last year.
General and administrative expenses fell 93.6% to $1.7 million in 3Q18, from $26.6 million a year ago.
This was mainly due to lower bank charges, depreciation of fixed assets, repair and maintenance cost, sales commission, staff and related costs, and impairment loss on property, plant and equipment.
As at end March, cash and cash equivalents stood at $4.1 million.
Looking ahead, the group says it has started looking for attractive industrial land for development opportunities, and is pursuing overseas businesses in the region.
Meanwhile, as part of its continuous review, the group is assessing the relevance of the properties and fixed assets in its diverse portfolio, and may dispose some of these assets to strengthen its finances.
Shares of OKH Global last closed at 4.5 cents on Wednesday.
