I was tempted to originally do a write-up on Vicom after it releases its Q2 results today, but upon looking at AHT Q1 results, I have decided to pen my thoughts on this instead.

There is only one word to conclude the Q1 results: BAD. AHT has actually registered a S$7.5M loss for the quarter compared to the forecast of $1.1M profit it has on its prospectus. The majority of the losses was due to the foreign exchange loss related to the revaluation on its AUD and JPY which contributed almost $15M on the negative. As a result of the loss on the revaluation, NAV has dropped from $0.83 to $0.77. In my opinion, I find it surprising that for a company's earnings that is so dependent on its overseas business, it does not hedge its currency against AUD and JPY. 

Excluding the foreign exchange effects, Gross revenue and ...