Following the disposal, the couple’s total stake in Mencast fell to 5.74% from 6.09% previously.
Mencast reported a loss of $416,000 in 1HFY2024 ended June 30, down from earnings of $2.08 million in the corresponding period the year before.
Even though revenue inched up by 7% to $25.5 million in 1HFY2024 with all segments seeing y-o-y increases, cost of sales increased by 20% y-o-y to $19.4 million at the same time. The higher cost of sales was partly attributed to the energy services segment, which included a $4.13 million revenue for a fast-track contract. The contract had a single-digit gross margin, which resulted in increased cost of sales and lower overall gross profit.
Shares in Mencast closed flat at 3.2 cents on Sept 25.
