AEM Holdings Ltd. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenue of SGD 8.875 million against SGD 14.931 million a year ago. Loss before taxation was SGD 4.792 million against SGD 0.355 million a year ago. Loss attributable to owners of the company was SGD 3.276 million or 0.74 cents per diluted share against profit attributable to owners of the company of SGD 0.184 million or 0.04 cents per diluted share a year ago. Cash flows used in operating activities was SGD 1.411 million against cash from operating activities of SGD 1.532 million a year ago. Purchase of property, plant and equipment was SGD 0.653 million against SGD 4.215 million a year ago.

For the six months, the company reported revenue of SGD 20.327 million against SGD 28.146 million a year ago. Loss before taxation was SGD 7.644 million against SGD 1.355 million a year ago. Loss attributable to owners of the company was SGD 5.005 million or 1.13 cents per diluted share against SGD 0.275 million or 0.06 cents per diluted share a year ago. Cash flows used in operating activities was SGD 7.733 million against cash from operating activities of SGD 5.311 million a year ago. Purchase of property, plant and equipment was SGD 2.969 million against SGD 12.499 million a year ago. Group net asset value per share was 13.4 cents against 14.6 cents as on December 31, 2013. Company net asset value per share was 10.6 cents against 10.7 cents as on December 31, 2013.

On the Group's equipment business, the company have received to-date purchase orders of SGD 13.6 million for an enhancement to new equipment program, SGD 3.3 million has been recognised as sales and the remaining will be recognised as revenue only in the course of 2014 and first half of 2015. The shipment of the next generation systems to a major customer's development sites is likely to commence in second half of 2014, in line with the customer's roll out plan. The Group expects to reap the benefits from the newly upgraded equipment once the customer commences higher volume production. Notwithstanding investments previously undertaken in new Molded Interconnect Substrates business, the ramp up to high volume manufacturing for the substrates has not been forthcoming and orders remain low. The company said it is currently reviewing the viability of this business and will keep the market duly informed of any further developments. In view of the above and as the Group is currently re-aligning its businesses, the company do not expect to be profitable in 2014.