AsiaPhos anticipates rebound in Q2 2024

The company reported a net loss of $0.38m in H1 2023.

AsiaPhos Limited anticipates its Q1 and H1 2024 net earnings to improve on a year-on-year basis, compared to the net loss recorded in the same quarter in 2023.

The rebound is influenced by “fair value gain on other equity investment," AsiaPhos said in an SGX filing.

It is also partly thanks to gains on transfer of foreign currency translation reserve upon the deconsolidation of its foreign subsidiary, Sichuan Rongdafeng Chemical Co. (Rongdafeng), following the handover of Rongdafeng's control to Sichuan Rongda Yuexiang Chemical Group Co. (Rongda) related to the disposal of the P4 Plant.

In the same half last year, the SGX-listed group narrowed its net loss to $0.38m.

Full details regarding its Q2 profits will be disclosed on or before 14 August.