Ocean Sky narrows losses to $0.24m

Thanks to lower administrative costs.

Investment Holding group Ocean Sky International Ltd. has managed to lower its losses in 3Q16 to US$0.187m ($0.24m) from a US$0.696m last year.

This came as the group suffered less administrative and operating expenses in the said quarter, down 51% to US$0.49m.

"This is mainly due to reclassification of cumulative exchange loss from currency translation reserve on winding up of foreign operations for 3Q15 which did not recur for 3Q16," the group said,"...and foreign exchange gain for 3Q16 as against foreign exchange loss for 3Q 2015, partly offset by higher professional fees incurred for corporate exercises for 3Q16."

Group headline is still at $018m, same as last year.