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Singapore New Silkroutes FY17 net loss narrows on better oil-trading performance

Singapore New Silkroutes FY17 net loss narrows on better oil-trading performance

SINGAPORE: Singapore energy, resources and health care company New Silkroutes Group 2017 fiscal full-year net loss narrowed to $2.0 million compared with $3.3 million a year ago thanks to revenue from its oil-trading division, it said in an exchange filing Tuesday. Consolidated revenue for the full year ended Jun. 30 was $433.0 million compared with $54.3 million, it said.

The company’s wholly owned International Energy Group contributed $1.6 million toward net profit and $432.3 million toward total revenue, the statement said. In the year-ago period International Energy contributed $100,000 to net profit and $49.6 million to revenue. “We will step up efforts to develop our private wealth-management business and investment practice group focusing on products and solutions for the energy and health care sectors,” Chief Executive Goh Jin Hian said in the statement.