| NEWS ARCHIVES |
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| Novena Holdings back in the black in 2009 |
| 9 Feb 2010 |
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Catalist-listed furniture and beauty products firm Novena Holdings said today that it saw a net profit of 895 thousand dollars for its 2009 financial year.
The figure is significantly better than the 47.1 million dollar loss it made over the same period a year ago.
Novena says the improvement was attributable mainly to the absence of the one-off 45 million dollar impairment loss on quoted equity investments in 2008.
It adds that it disposed of its China's subsidiary, Suzhou Novena Furniture, resulting in a slight loss of 300 thousand dollars.
The disposal of the last of the furniture business is in line with Novena's overall strategy to enter into the offshore and marine sector.
Novena adds that it will now focus on building a new core business in the offshore and marine sector.
It’s also exploring strategic options to grow its business via synergetic merger and acquisitions. |