MAINBOARD-LISTED Gallant Venture on Thursday morning gave notice of recording three consecutive years of pre-tax losses, based on its audited full-year consolidated accounts.

 

Gallant Venture, a developer, master planner and manager for industrial parks and resorts in Batam and Bintan, said its six-month average daily market capitalisation as at April 14 was S$709.8 million. This means it still meets the financial entry criteria to avoid being placed on the Singapore Exchange' s (SGX) watch list.

 

Firms are placed on the SGX watch list if they record losses for the three latest consecutive financial years and have an average daily market cap of under S$40 million over the last six months.

 

For the full year ended Dec 31, 2020, the group' s net loss from continuing business operations widened to S$59.1 million, from S$52.4 million the year before. This brings its loss per share (LPS) for FY2020 to 1.089 Singapore cents, from a restated FY2019 LPS of 0.981 cent, on a continuing operations basis.

 

The group' s loss was largely confined to its resort segment - which was impacted by the Covid-19 outbreak and results from discontinued operations. Excluding the share of associated company' s Indomobil Sukses Internasional' s post-dilution results of S$20.6 million loss, Gallant Venture would have reported a net loss of S$38.5 million, it said.

 

No dividend was declared for the financial year.

 

The group has been lossmaking since FY2017. Last year, it also issued a notice that it had recorded pre-tax losses for three consecutive years. Its six-month average daily market capitalisation at the time was S$624.1 million as at April 14, 2020.