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Angela Tan
11 November 2014
Blumont Group reported on Tuesday that the group has sunk into the red for the third quarter ended Sept 30, 2014, in the absence of S$40.91 million net unrealised fair value gains on its financial assets seen a year ago.
Net loss was S$13.48 million, compared to a net profit of S$33.73 million a year ago. Revenue fell 38 per cent to S$779,000 from S$1.26 million over the same period.
Net other losses during the quarter was S$1.74 million, compared to a net other gains of S$40.91 million a year ago. Blumont said the quoted financial assets involved comprised a portfolio of equity investments in companies listed on the Singapore Exchange and Bursa Malaysia.
Impairment losses on financial assets available for sale stood at S$8.29 million, versus nil a year ago. Total expenses rose to S$12.24 million from S$2.13 million. As a result, earnings per share tumbled to 0.52 Singapore cent, from 1.97 cents.
Blumont’s board of directors have warned that the group is likely to report a loss position for the full financial year ending Dec 31, 2014.
“The expected loss for FY2014 is attributable to the unrealised losses arising from fair value readjustments of the Group’s investment in transferable securities (financial assets) as well as the provision to be made for impairment for investments and assets affected by the recent volatility in the financial market,” it said.
Late last year, Blumont - together with Asiasons Capital and LionGold Corp Ltd, three firms interlinked by cross shareholdings and common officers - lost a combined market value of about S$8 billion in just three days of trading.
Both the crash and huge run-ups in their share prices earlier in the year left many in the market mystified, prompting the Monetary Authority of Singapore and the stock exchange to launch an extensive review, which subsequently led to major regulatory changes in the trading of penny stocks.