SGX-listed Gallant Venture Ltd, parent company of Indomobil Sukses Internasional (IMAS) suffered loss of US$43.76 million in the first quarter (Q1) of 2017, widened from loss US$14.83 million in the same period of 2016. Revenue declined 7% to US$436.87 million. The Group’s assets reached US$4.76 billion as at March 2017 while liability amounted US$2.95 million. While IMAS’s Q1 of 2017 revenue was S$398.1 million as compared to S$433.7 million in Q1 of 2016. Lower revenue was mainly due to lower passenger vehicle sales and car rental related businesses. IMAS suffered net loss of S$15.4 million in Q1 this year, against S$4.0 million profit in Q1 last year, mainly due to the losses from its associated companies.