SINGAPORE (Nov 9): New Silkroutes Group reported 1Q ended Sept net loss widened to US$551,000 ($751,000) from a net loss of US$162,000 a year ago.
Revenue more than doubled to US$149.3 million in 1Q18, from US$69.3 million a year ago.
This is mainly attributable to increased oil trades, and the revenue contributed by the newly acquired healthcare subsidiaries, including Healthsciences International (HSI) and the dental companies.
Personnel expenses more than doubled to US$1.3 million during the quarter, from US$0.6 million a year ago, due to personnel expenses from the newly acquired companies.
Other operating expenses trebled to US$1.1 million in 1Q18, from US$0.3 million a year ago.
This was mainly due to an increase in oil trading related costs, listing and professional fees relating to the company’s various corporate actions, and operating expenses incurred by the newly acquired healthcare subsidiaries.
As at end September, cash and cash equivalents stood at US$13.4 million.
Looking ahead, the group says it will continue to adjust and fine-tune its investment targets to optimise the use of its resources to achieve its evolving ends.
The group in October announced that wholly-owned subsidiary New Silkroutes Capital would acquire a 66% stake in European fund manager Culross Global Holdings, which would enable it to onboard essential wealth management capabilities as well as to operate seamlessly in European time zones in key European cities.
Shares of New Silkroutes closed half a cent lower at 38.5 cents on Thursday.
