Jasper in negative equity position as Q3 losses deepen 17%
WATCH-LISTED Jasper Investments saw its losses deepen 17 per cent to US$98,000 for Q3 ended December, while the company stood at a net liabilities position of US$153,000 at the end of the quarter.
Its Q3 bottomline translates to a loss per share of 0.0023 US cent, up from 0.0019 cent a year ago. Meanwhile, its net asset value per share is -0.0035 US cent, compared to 0.0029 cent a year ago.
Jasper, which is listed on the Mainboard, posted US$12,000 in revenue for the quarter, arising from an engagement fee for project management work in North Asia. It did not post any revenue a year ago.
For the first nine months of FY2020, Jasper saw losses narrow 25 per cent to US$278,000, on the back of US$19,000 in revenue. Its administrative expenses were lower at US$296,000 in 9MFY2020 compared to US$365,000 a year ago, due to cost-control efforts by the management.
Jasper had cash of US$77,000 as at end-2019, against US$284,000 in current liabilities. The latter is 85.6 per cent higher than a year ago, due to a US$67,000 shareholder loan, accrual of director fees and general expenses.
On its negative equity position, Jasper said it expects that "shareholders' fund will improve as more of the project management contracts materialise".
"The company is expected to experience a second year of losses but the board is cautiously optimistic that the financial position of the company will improve as (it) expects more project management contracts to materialise in the near future," it added.
Jasper shares closed at S$0.004 on Friday, down 0.1 cent.
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