KUALA LUMPUR: Sinotop Holdings Bhd posted net loss RM6.46 million in the third quarter ended Sept 30, 2010 mainly due to impairments and unrealised loss on foreign exchange.
It said on Friday, Nov 19'' revenue was RM73.53 million while loss per shares was 0.64 sen. Its net asset per share was four sen.
Sinotop, formerly JOHN MASTER INDUSTRIES BHD [], said for the nine months ended Sept 30, net profit was RM18.61 million on the back of RM223.49 million in revenue.
During 3Q, the impairment of goodwill amounted to RM15.5 million; machinery written off RM1.7 million; unrealised loss on forex of RM1.1 million and expenses relating to corporate proposals written off at RM1.3 million.
'The goodwill is in respect of Sinotop, and it arose from the reverse acquisition of Sinotop (legal parent) by Be Top Group.'' The goodwill is impaired immediately on completion of the reverse acquisition as Sinotop on its own has minimal operations,' it said.
Excluding these items, Sinotop would have achieved a pre-tax profit of RM12.2 million for the 3Q and RM40.8 million for the nine months.
On the prospects, Sinotop said after the injection of new assets and businesses, it was expected to provide a different source of future income to the company.
Sinotop produces customised woven loom-state fabrics made from cotton, synthetic and mixed yarn.
It said on Friday, Nov 19'' revenue was RM73.53 million while loss per shares was 0.64 sen. Its net asset per share was four sen.
Sinotop, formerly JOHN MASTER INDUSTRIES BHD [], said for the nine months ended Sept 30, net profit was RM18.61 million on the back of RM223.49 million in revenue.
During 3Q, the impairment of goodwill amounted to RM15.5 million; machinery written off RM1.7 million; unrealised loss on forex of RM1.1 million and expenses relating to corporate proposals written off at RM1.3 million.
'The goodwill is in respect of Sinotop, and it arose from the reverse acquisition of Sinotop (legal parent) by Be Top Group.'' The goodwill is impaired immediately on completion of the reverse acquisition as Sinotop on its own has minimal operations,' it said.
Excluding these items, Sinotop would have achieved a pre-tax profit of RM12.2 million for the 3Q and RM40.8 million for the nine months.
On the prospects, Sinotop said after the injection of new assets and businesses, it was expected to provide a different source of future income to the company.
Sinotop produces customised woven loom-state fabrics made from cotton, synthetic and mixed yarn.
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