Renaissance United Q1 2024 earnings sink to loss

Loss per share was at $0.00001. 

Renaissance United Limited recorded a net loss attributable to shareholders of $71,000 in the first quarter ended 31 July (Q1 2024), according to a bourse filing. 

Compared to the $98,000 profit to shareholders in the same quarter last year, this was a huge contraction.

The company's basic and diluted loss per share was at $0.00001, compared to $0.00002 last year.

Meanwhile, profit after tax decreased by 85.6% to $61,000 in Q1 2024.

However, their revenue increased by 3.8% to $19m in Q1 2024, attributed to its subsidiaries: Excellent Empire Limited (EEL) and ESA Electronics Pte Ltd (ESA). 

EEL, through its wholly-owned subsidiary, China Environmental Energy Protection Investment Limited (CEEP), which in turn, through its China subsidiaries, recorded a 4.3% increase in revenue with $14.7m in Q1 2024, mainly due to an increase in natural gas sales.

Meanwhile, ESA’s revenue increased by 2.1% to $4.3m in Q1 2024.