PSL Holdings Limited announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company announced revenue of SGD 1,350,000 compared to SGD 4,993,000 a year ago. Loss before income tax was SGD 1,369,000 compared to SGD 116,000 a year ago. Loss attributable to equity holders of the company was SGD 1,324,000 or 2.30 cents per basic and diluted share compared to SGD 327,000 or 0.70 cents per basic and diluted share a year ago. Net cash used in operating activities was SGD 2,889,000 compared to SGD 702,000 a year ago. Net asset value per ordinary share was SGD 0.57. Revenue decreased by SGD 3.6 million or 73% mainly due to lower revenue from the Marine Logistics segment following the deconsolidation of PT MII. The decrease is partially offset by the revenue generated by PT IPA. The Group recorded a loss after tax mainly contributed by Corporate and Construction Logistics segment. Net cash used in operating activities was mainly due deconsolidation of PTMII, resulting in increased losses for the Group and a decrease in trade and other payables as well as movements in inventories due to the acquisition of PT IPA.