Three Shares That Lost To the Market Today

Singapore’s stock market inched up higher today as the Straits Times Index (SGX: ^STI) put on another 0.15% to rise to 3,040 points. While we shouldn’t be focusing too much on intra-day movements, it’s also interesting to note that today’s the sixth consecutive day of gains for the index.

Either way, only 14 of the index’s 30 constituents had ended the trading session with gains. Meanwhile 12 others had made losses though they were relatively minor ones as the biggest loser was SIA Engineering Company (SGX: S59), which shed 2.9% off its share price to S$4.66.

Losses outside the index however, were quite substantial for a handful of shares. Let’s take a look at some that got hammered.

Fashion and sporting apparel retailer and distributor Ossia International (SGX: O05) fell some 14.3% to S$0.21 after releasing its third quarter earnings yesterday evening. For the nine months ended 31 Dec 2013, the company’s revenue had dropped by 5.4% to S$42.7 million as one of its subsidiaries had folded while sales in Hong Kong declined.

Ossia’s profit situation showed no improvement either as losses for the period widened from S$4.4 million a year ago to S$5.6 million.

The company’s outlook seemed to suggest that it would see no respite as it commented that “retail is increasingly facing mounting pressure from online retailers who offer very competitive pricing.”

Santak Holdings (SGX: 580) is down by 9.8% to S$0.37. The company’s half-year results, which were revealed yesterday, saw big declines in both its top- and bottom-line; half-yearly revenue had dropped by 21% year-on-year to S$39 million whilst profits sunk by 40% to S$3.94 million.

The maker of precision-machined components had cited weaker demand and pricing pressures in its China operations as a main contributor for the poor results.

Karin Technology Holdings (SGX: K29) rounds up the trio with its shares dropping 6% to S$0.31. The company provides integrated circuit software, information technology services, and electronic components among others. Similar to Ossia and Santak, Karin had just released its second quarter earnings yesterday evening.

For the half-year ended 31 Dec 2013, the company saw revenue shrink by 23% year-on-year to HK$1.64 billion with its bottom-line faring even worse with a 45% decline to HK$18.5 million. Karin’s razor thin profit margins were shaved even further as its gross profits declined while selling, distribution, and administrative costs went up.

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