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SINGAPORE : Singapore-listed Jiutian Chemical Group has widened its third quarter net loss to about S$3.3 million from S$652,000 a year ago.
Revenue for the three months ended September dropped 22.8 per cent to about S$9.3 million.
Jiutian said the net loss was mainly due to significantly weaker selling prices since the global economic downturn.
In addition, the company also had to deal with higher raw material costs as a contract for lower prices with its principal key supplier expired.
Jiutian said customer demand started to improve gradually in the third quarter, but intense competition continued to weigh on selling prices. - CNA /ls
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