SHARES of oil exploration and production company Rex International fell on Friday (Feb 21) morning on heavy trading after the company said it was expecting to post a net loss in its upcoming financial results release.
As at 11.03 am, the counter had fallen 19.5 per cent or S$0.042 to S$0.173 from its latest closing price of S$0.215, with 44.6 million shares changing hands. The last time it traded at such levels was in January 2024.
At 11.09 am the counter had eased back up to S$0.176, still down by 18.1 per cent or S$0.039.
In an announcement on Thursday, the company said it expecting to report a net loss for the financial year ended December 2024 based on a preliminary review of its drafted unaudited financial results.
The expected losses are “mainly due to non-cash items related to impairment of goodwill, oil and gas properties and exploration and evaluation assets,” the company said.
Its unaudited financial results for FY2024 are expected to be released on or before Mar 1, 2025.
Its shares closed lower on Thursday at S$0.215, down by S$0.005 or 2.3 per cent.
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