Besides booking losses from unfavourable foreign exchange movements, Oceanus explains that it incurred higher costs in its bid to "prime itself for significant value-adding and growth opportunities in 2024".
For example, the company expanded its headcount, and it moved into new premises including that for its digital media subsidiaries, which require specialised fittings.
The company also did not enjoy a one-off investment gain of $2.5 million as it had in FY2021.
On top of widening its distribution network, Oceanus, which is hardly the abalone farmer it was known to be, has been expanding its product range as well.
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When the company started its distribution business, it was mainly in fast-moving consumer goods including alcohol.
It now distributes products such as fruits, chicken, beef and pork, as well as food commodities such as raw sugar and syrup.
The distribution business works with Oceanus other businesses in food production, specifically seafood.
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In addition, Oceanus Tradelog, the company's warehousing and logistics solutions arm, will continue to scale up its third-party logistics services to meet e-commerce platforms and local distribution needs within the region in the next two to three years.
Oceanus closed at 1.4 cents, up 7.69%.
