OIL and gas engineering company IEV Holdings said it has started due diligence for an acquisition as part of a diversification into healthcare and wellness, as it posted second-quarter losses on Wednesday.
The group is"developing its diversification plan in the healthcare and wellness sector and has started the due diligence process for a possible acquisition as per the announcement of 25 June 2019," Catalist-listed IEV said in its outlook statement. Further announcements will be made as and when there are material developments, the group added.
But on the engineering front, IEV is"cautiously optimistic" about the recovery of its oil and gas business, citing a global slowdown in demand growth and higher global oil inventories. IEV recorded a second-quarter net loss from continuing operations of RM1.9 million , against net losses of RM2.5 million a year ago, faced with higher expenses, losses from its associates and discontinued operations.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bumitama Agri Q2 profit plunges 68% on lower palm oil pricesINDONESIAN palm oil producer Bumitama Agri’s second-quarter net profit more than halved, amid a continued weakness in palm oil prices and a fall in sales volume. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
First Resources Q2 profit slides 52.8% on weaker palm oil pricesWEAKER palm oil prices took a toll on First Resources' second-quarter earnings, as the palm oil producer on Wednesday posted a 52.8 per cent drop in net profit to US$17 million for the three months ended June 30, down from US$35.9 million for the year-ago period. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Allied Tech posts Q2 net loss of S$1.8m, reverses year-ago profitALLIED Technologies on Tuesday reported a reversal into the red - a S$1.8 million second-quarter net loss for the three months ended June 30, compared to a slight profit of S$635,000 a year ago. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Sembcorp Industries posts 20% rise in Q2 net profit to S$98mSEMBCORP Industries on Wednesday posted a 20 per cent increase in net profit for the second quarter, as the 33 per cent decline in cost of sales outstripped the 29 per cent reduction in revenue. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
UMS posts 44% slide in Q2 net profit on trade tensions, falling pricesGLOBAL trade tensions and tough market conditions continued to affect the performance of mainboard-listed UMS Holdings. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Hong Leong Asia posts Q2 net profit of S$8.36m, reverses year-ago lossHONG Leong Asia saw net profit of S$8.36 million for the second quarter ended June 30, the industrial conglomerate announced on Wednesday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »