Thu, Sep 19, 2019 - Page 12 News List

Oceanic Beverages hopeful of resuming trading

By Kwan Shin-han  /  Staff reporter

Shares of Oceanic Beverages Co (大西洋飲料) are expected to resume trading next week at the earliest, if the company’s financial statements for last year and the first half of this year prove valid and meet reporting requirements, the Taiwan Stock Exchange (TWSE) said yesterday.

Shares have been suspended from trading since April 8, as Oceanic Beverages failed to submit its financial reports to regulators.

After several delays, the company on Tuesday handed in reports of its latest financial status and three land transactions, which had been audited and certified by accountants, to the Financial Supervisory Commission and TWSE, a company official said.

Oceanic Beverages last year posted an annual net loss of NT$89.58 million (US$2.89 million), or a loss per share of NT$1.58 — its first in eight years — as non-operating expenses climbed to NT$56.52 million.

The company earlier reported that a net loss of NT$62.4 million for last year, or loss per share of NT$1.1.

“The widening losses were due to additional non-operating expenses, including court fees,” said the official, who spoke on condition of anonymity.

The company remains in the red this year after posting losses of NT$9.26 million in the first quarter and NT$13.73 million in the second quarter.

In the first half of the year, loss per share was NT$0.41, compared with earnings per share of NT$0.04 a year earlier.

Consolidated revenue declined 22.66 percent year-on-year to NT$226 million in the first six months, its financial statement showed.

Shareholders are to sign off on the company’s latest reports at an extraordinary meeting scheduled on Oct. 3, the official said.

The company is also to elect new independent directors during the meeting, he said.

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