Singapore Institute of Advanced Medicine Holdings (SAM Holdings) is expected to report a “significant” net loss after tax for the FY2024 ended June 30, marking another year of net losses. The group reported a net loss after tax in FY2023.
“As described in the risk factors outlined in the group’s offer document, the group incurred loss after tax in FY2023 following the continued development and expansion of the business operations and there is a risk that the group may continue reporting losses,” says the company in its July 31 profit guidance statement.
It adds that the loss this year is attributed to its slower-than-expected ramp-up in its business operations, that may result in an impairment to its assets.
SAM Holdings listed on the Catalist board of the Singapore Exchange S68 (SGX) in February this year. Its initial public offering (IPO) saw the issuance of 114.0 million new shares priced at 23 cents apiece.
On March 17, the company said it planned to repay its loans of some $3.4 million by issuing new shares to its creditors at 9 cents per share. The amount stood at a 10% discount off the volume-weighted average price (VWAP) per share of five consecutive market days ending on the full market day when the company exercises its option to convert the loan.
The company is expected to release its results on or before Aug 29.
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Shares in SAM Holdings closed flat at 11.5 cents on July 31.
