SINGAPORE (Mar 19): ecoWise Holdings narrowed its net losses to $952,000 in 1Q18 from $1.1 million in 1Q17 as share of losses from associates and JVs fell 91.8% to $46,000, mainly incurred by Chongqing eco-CTIG Rubber Technology.
For the three months ended Jan, revenue rose 21.3% to $14.5 million from a year ago, due to higher sales from the group's three segments of renewable energy, resource recovery and integrated environmental management solutions.
This was due to higher woodchips supply to customers, more electrical and heat energy consumed by Gardens by the Bay, as well as higher sales of retreaded tyre and rubber compound, and from technical support services rendered.
Cost of sales increased 29.6% to $12.4 million, leading to 11.3% lower gross profit of $2.2 million. Administrative expenses also increased by 6.3% to $2.26 million mainly due to increase in manpower cost attributed to higher headcount, depreciation expenses, professional and legal fees.
Depreciation expenses increased by 50.5% to $0.95 million mainly due to additional depreciation charged from a newly acquired subsidiary, newly acquired motor vehicles and office units. Other losses decreased by 31.6% to $0.09 million mainly due to lower foreign exchange loss.
The counter last closed at $0.043 on Thursday.
