Gallant Venture and Pacific Radiance Post 3 Straight Years of Losses

SINGAPORE (BUSINESS TIMES) – Gallant Venture and Pacific Radiance announced three consecutive years of pre-tax losses based on their annual audited consolidated financial statements.

In a Wednesday, April 13, filing, Gallant Venture said its six-month average daily market capitalization was $701 million as of April 12, 2022. This means the company still meets financial entry criteria to avoid be listed on the Singapore Stock Exchange. (SGX) watch list.

Companies are placed on the SGX watchlist if they have experienced losses in the past three years and have an average daily market capitalization of less than $40 million over the past six months.

Gallant Venture, a developer, lead planner and manager of industrial parks and resorts in Batam and Bintan, posted a net loss of $32.3 million on February 25 for the six months ended December 31, 2021, compared to a loss of $34.3 million in the year -a period ago.

For the full year, Gallant Venture’s net loss narrowed to $57.5 million from $687 million in fiscal 2020. Revenue, on a continuing operations basis, totaled $145.1 million for the full year, up 5% from $138.2 million the previous year.

Shares of Motherboard-listed Gallant Venture closed up 0.1 cent or 0.8 percent at 12.9 cents on Tuesday.

For the six months prior to its suspension in February 2018, Pacific Radiance had an average daily market capitalization of $74.3 million, as of February 22, 2018.

The offshore maritime services provider had voluntarily suspended trading in its shares on February 28, 2018 and said it would continue to pursue debt restructuring after noteholders rejected a plan.

On February 24, 2022, Pacific Radiance recorded a net loss of US$3.5 million (S$4.8 million) in the fourth quarter of 2021 on a continuing operations basis, compared to a loss of $5.2 million in the fourth quarter of 2020. Revenue from continuing operations was US$2.1 million. million, or 22.2% less than the $2.7 million recorded the previous year.

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