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USP Group 9M losses widen to $1.24 mil on lower other income, absence of one-off gain

PC Lee
PC Lee2/10/2019 11:27 PM GMT+08  • 2 min read
USP Group 9M losses widen to $1.24 mil on lower other income, absence of one-off gain
SINGAPORE (Feb 10): USP Group, the property developer, marine engine distributor and waste oil recycler, said losses for the 9M ended Dec widened to $1.24 million from $0.35 million after it reversed into a 3Q loss of $0.38 million.
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SINGAPORE (Feb 10): USP Group, the property developer, marine engine distributor and waste oil recycler, said losses for the 9M ended Dec widened to $1.24 million from $0.35 million after it reversed into a 3Q loss of $0.38 million.

The negative 3Q bottomline was due to a smaller gain on revaluation of quoted securities and absence of a $1.16 million exceptional gain on disposal of MSV which took place last year.

Consolidated revenue in 3Q grew by 15.1% to $11.0 million against the same period last year. The increase was driven by stronger performance of its marine sector which grew 22.7%. However, this was partially offset by lower revenue from its waste oil recycling sector which dropped to $0.3 million this quarter mainly due to lower CPO prices.

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