SINGAPORE (Aug 8): AEI Corporation posted marginally higher net loss of $3.5 million for the 1H17 ended June from the net loss of $3.4 million a year ago.
Revenue fell 24.7% to $4.7 million in 1H17 from $6.2 million a year ago.
This was mainly due to continued lacklustre demand from hard disk drive (HDD) markets worldwide as well as intensified pricing competition from overseas suppliers.
There were no operating expenses in 1H17, compared to expenses of $0.8 million in 1H16 related to loss incurred on the sale and scrapping of inventories and moulds of a China subsidiary, which has since been disposed.
As at end June, cash and cash equivalents stood at $20.4 million.
Looking ahead, AEI Corp says it is actively reviewing other business opportunities and strategies to enhance shareholders’ value amid a challenging business environment surrounding its core business.
Meanwhile, it is continuing to review the options available for the use of its existing land and building at Penjuru Lane.
Shares in AEI Corp last closed at 59 cents on Aug 4.
