SINGAPORE (Feb 10): ISR Capital, linked by prosecutors to John Soh Chee Wen, the alleged mastermind behind the penny stock saga of October 2013, warns it expects to report a net loss for the year ended Dec 2016 when it releases its earnings by March 1.
“Based on the preliminary review of the group’s draft unaudited financial results for FY2016, the group expects to report a net loss for FY2016, due primarily to the impairment of loans and receivables as well as operational losses resulting from a challenging market and economic environment,” says executive chairman Chen Tong in an aftermarket announcement on Friday.
“The company is still in the process of finalising the group’s financial results for FY2016. Further details of the group’s financial performance will be disclosed when the Company releases its unaudited consolidated financial results for FY2016,” adds Chen.
Shares in ISR Capital had rocketed more than 4,000% since early last year to hit a high of 33 cents on Oct 31, amid plans to acquire a 60% stake in a rare earths concession in Madagascar. On Nov 24, the stock fell some 55% to just 12.7 cents within two hours before the company halted trading. That was the day Soh was taken into custody.
On Nov 27, Singapore Exchange suspended trading in ISR Capital, citing “circumstances that prevent trading” of its shares “on an informed basis”.
