Sen Yue Holdings 5BS is expecting to report a “commendable net profit” in the FY2022 ended Sept 30, 2022, reversing from its loss after tax of $5.5 million in the FY2021.
The group attributed the better performance to the improvement in its business performance as it progresses back to “normalcy” under the helm of its new management.
During the 2HFY2022, the group saw a significant increase in revenue for its lithium battery recycling business under its commodities segment in the 2HFY2022. Its electro deposition (ED) segment remained profitable during the period as well.
In January 2021, Sen Yue suspended its non-executive chairman Koh Mia Seng from all executive duties and proposed to remove him as director. In May 2020, the group sought a trading suspension amid a board rift.
Sen Yue’s results will be released on or before Feb 28.
In addition to its statement, Sen Yue announced SMC Industrial (SMCI) has settled all its outstanding debts of about $7.5 million. The group was referring to the agreement it entered into with SYH Resources, SMC Industrial (SMCI) and a key supplier of SMCI. Under that agreement, the supplier would provide constant supply of contract waste for a period of 11 months starting from the date of first shipment, or until Dec 31, 2022, whichever is later.
See also: Trump wins Republican nomination, setting up rematch with Biden
Under the same agreement, SMCI agreed to make additional payment equivalent to 30% of the pro-forma invoice for the supplier to repay its outstanding debts. The supplier was an excluded creditor under the scheme of arrangement sanctioned by the Singapore High Court, which came into effect on Aug 2, 2022.
All parties are said to have fulfilled their obligations under the agreement.
Shares in Sen Yue closed flat at 2.2 cents on Feb 15.
