New Silkroutes’ 1Q losses narrow to US$0.15 mil on record revenue

SINGAPORE (Nov 10): New Silkroutes Group (NSG), the investment holding company formerly known as Digiland International, has posted a net loss of US$0.15 million ($0.2 million) for 1QFY17 – narrowing significantly from its net loss of US$1.3 million a year ago on higher revenue.

In a Thursday statement, the group says its total revenue of US$69.3 million, compared to just $2.8 million in 1QFY16, is its highest quarterly revenue to ever be recorded in the last 12 years.

The sharp increase was mainly driven by contributions from its wholly-owned oil trading subsidiary International Energy Group (IEG), which generated revenue of US$16.1 million, US$19.6 million and US$33.4 million in July, August and September respectively this year.  

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