The Board of Directors of Sapphire Corporation Limited (“the Company”) wishes to announce that its wholly-owned subsidiary, Sapphire Mineral Resources Pte. Ltd. had entered into a Purchase and Sales Contract to supply a shipment of nickle ore valued approximately USD3.6 million from Indonesia to a Hong Kong based customer.
This Contract will contribute positively to the Group’s performance for the financial year ending 31 December 2011.
They have to mark to market the value of their 9.2% investment in China VTM. As the HK market has been coming off, like any other market, the 2Q net profit of Sapphire will be affected by the marked to market value of China VTM.
The bottomline looks bloody but it's becos of the marked-to-market valuation of its 9% stake in VTM. Other than that, the sales figure has grown strongly, & the gross profit growth was excellent too. The next set of results could look even more impressive.
Stock price firm at 17.9 cents, not knocked-out by the bloody bottomline.
The revenue and GP have been excellent, just the marked-to-market valuation of VTM stake that brought the net profit down
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