SINGAPORE (Mar 8): XMH Holdings sank to a loss of $1.2 million for the 3Q ended January, compared to earnings of $0.8 million a year ago.
Revenue fell 28.1% to $14.1 million in 3Q18, from $19.5 million a year ago.
This was due to lower revenue recorded by both Distribution and Project business segments, as a result of a delay in commencement of projects.
In 3Q18, the group incurred a net finance cost of $1.3 million, compared to net finance income of $1.2 million a year ago.
This was mainly due to net foreign exchange loss arising from the weakening of the US dollar and Singapore dollar against the Japanese yen in the current period.
As at end January, cash and cash equivalents stood at $26.3 million.
“We continue to face challenges as tough industry conditions persist. Revenue and financial performance were affected by competitive industry dynamics but we kept a tight leash on our expenses and reduced our operating costs in these nine months,” says Elvin Tan Tin Yeow, XMH’s chairman and managing director.
“Looking ahead, we do believe that gradual recoveries of the industries we operate in are in motion and we will strive to overcome these short term obstacles and prepare ourselves to capitalise on opportunities which may present themselves on the horizon,” he adds.
Shares of XMH last closed at 25 cents on Feb 27.