Billionaire Peter Lim backed real estate services provider Rowsley on Friday swung to a third-quarter loss, owing to a $7.9 million fair value loss.
Net loss attributable to shareholders was at S$9.8 million in the three months ended September 30 compared to a profit of S$5.4 million in the corresponding period last year.
The fair value change arose from the remeasurement of the company's purchase consideration payable in the earn-out shares related to the acquisitions it had made, the company said in a regulatory filing released after market hours.
Total revenue at Rowsley backed by Tim, the owner of Spanish football club Valencia, gained 6 percent to S$26.2 million in the quarter.
The rise in revenue was due to higher contributions from Squire Mech and consolidation of results from AC Consortium, the company said.
"We are seeing stronger overseas revenue from our offices in Dubai, Vietnam and China. Our home market of Singapore continues to be soft but we are working hard to go after new projects while managing our costs," said Tan Wee Tuck, Executive Director and Chief Executive Officer, Rowsley in a statement.
Earlier this year, the realty firm said it planned to buy healthcare assets valued at S$1.9 billion from its controlling shareholder Lim as it expands into the healthcare sector and diversify its portfolio.
Rowsley said it was in the process of preparing and negotiating the terms of the definitive agreement and will make appropriate update announcements in due course.
Shares of Rowsley closed up 2.3 percent at S$0.13 on Friday. The stock has gained 10 percent this year.