SINGAPORE (May 9): New Silkroutes Group posted a net loss of US$294,000 ($413,000) for the third quarter ended March, improving from a loss of US$1.2 million a year ago.
Revenue surged to US$125.4 million in 3Q17, compared to US$10.2 million a year ago.
This is mainly attributable to the increased oil sales by NSG’s wholly-owned oil trading subsidiary, International Energy Group.
Correspondingly, purchases increased US$124.9 million in 3Q17, from US$9.9 million a year ago.
Cash and cash equivalents stood at US$20.2 million as at March 31, 2017.
On March 1, NSG announced the acquisition of a 35% equity interest in a new company, SilkrouteAsia Asset Management, which will focus on real estate advisory, deal originations and investment structuring.
The group has also entered into a sale and purchase agreement in Thai General Nice Coal and Coke Co.
Looking ahead, NSG says the group underpins its two pillars of business in energy and real estate, realising and precipitating its plans on both fronts, to enable the company to focus on growth henceforth.
Shares of New Silkroutes closed half a cent lower at 81.5 cents on Tuesday.
