MMP Resources, the company which is looking for new revenue streams after being placed on the SGX Watch-list, swung into profitability with 1Q16 earnings of $236,000 on lower cost of sales and expenses from the disposal of subsidiaries.
A year ago, the group had posted losses of $370,000 in the same quarter.
For the three months to March, 1Q revenue grew 79.8% to $615,000 from $342,000 a year ago, mainly due to management fees from the operation of the Micro Power Plants in Korea for Primeforth Renewable Energy.
Total cost of sales however fell 85% to $17,000 from $116,000 a year ago as less raw materials were required from the discontinuation of operations. Total administrative expenses fell 15% to $383,000 as there was a reduction in professional fees associated with the subsidiaries that were disposed. Interest and finance costs also fell 95% to $4,000.
The group’s current trade and other payables is $1.23 million as at end March. This was due to the repayment of outstanding debts to suppliers.
Loans and borrowings increased marginally to $5.38 million from a year ago due to the take-up of a short-term loan.
The group’s current liabilities stood at $406,000 comprising predominantly of accruals of regular operating expenses and loan interest to be paid to external parties.
Executive director Drew Ethan Madacsi said the group is actively sourcing for short-term funding plans to repay outstanding creditors, as well as continuing to implement cost consolidation measures and initiatives to further reduce monthly expense.
The group also revealed that a writ of summons from Quintestellar issued in Sept 3, 2015, for the repayment of the sum of $4.7 million under a loan was dismissed on April 28 with costs to be paid by the latter.
At 9.01, MMP Resources is up 16.67% at 1 cent.
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A year ago, the group had posted losses of $370,000 in the same quarter.
For the three months to March, 1Q revenue grew 79.8% to $615,000 from $342,000 a year ago, mainly due to management fees from the operation of the Micro Power Plants in Korea for Primeforth Renewable Energy.
Total cost of sales however fell 85% to $17,000 from $116,000 a year ago as less raw materials were required from the discontinuation of operations. Total administrative expenses fell 15% to $383,000 as there was a reduction in professional fees associated with the subsidiaries that were disposed. Interest and finance costs also fell 95% to $4,000.
The group’s current trade and other payables is $1.23 million as at end March. This was due to the repayment of outstanding debts to suppliers.
Loans and borrowings increased marginally to $5.38 million from a year ago due to the take-up of a short-term loan.
The group’s current liabilities stood at $406,000 comprising predominantly of accruals of regular operating expenses and loan interest to be paid to external parties.
Executive director Drew Ethan Madacsi said the group is actively sourcing for short-term funding plans to repay outstanding creditors, as well as continuing to implement cost consolidation measures and initiatives to further reduce monthly expense.
The group also revealed that a writ of summons from Quintestellar issued in Sept 3, 2015, for the repayment of the sum of $4.7 million under a loan was dismissed on April 28 with costs to be paid by the latter.
At 9.01, MMP Resources is up 16.67% at 1 cent.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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