Shares of Singapore-listed Oceanus Group fell as much as 11.5% to a three-week low after the abalone breeder's fourth-quarter net loss widened on a fair value loss of 371.2 million yuan ($73.7 million) in biological assets.
By 9:40 a.m., Oceanus shares were down 9.6% at $0.094, underperforming the broader Straits Timex Index which was 0.4% higher.
In the fourth quarter, Oceanus had a caged abalone population of 134.2 million, down 25% from a year ago. Many of the abalones in the existing population were also of poor quality and were unprofitable to grow further, Oceanus said.
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