Industrial group SP Corp on Tuesday reported a loss before tax in the second-quarter, in line with its earlier forecast.
SP Corp posted a loss before tax of S$51,000 in the three months ended June 30 compared to a profit of S$27,000 in the corresponding period last year.
Losses due to the poor performance of its tyre distribution business, the company said in a statement after market hours.
Total revenue rose 38 percent to $35.2 million in the quarter.
In a separate statement, SP Corp said its units Globaltraco International and Performance Retreads have agreed to sell certain company's assets and stocks to British Virgin Islands-based GITI Holdings for about S$2.2 million.
The deal will enhance the group's cash resources and improve the profitability at a time when the performance of its tyre distribution unit had been in deterioration for a number of years.
