Tricor posts an operating loss of £2.2m for the year to the end of March - up from £1.8m last time.
The company has three subsidiaries, TEPL, TM and TRT. None of the subsidiaries generated revenue for the financial year ended 31 March.
A review of the business said: "In order to avoid entering into a price war with the new players, TEPL has not been able to stay competitive in its bids for sand contracts, and hence, it has not succeeded in the securing sand contracts during the financial year.
"TEPL continued to be active in contract bidding exercise in Singapore as it believes the new players will not be sustainable at the price levels they have quoted the Singapore government.
"As for TM, it continued to work with TEPL to secure the necessary permits to commence the iron sand processing activities. TRT was set up for iron sand trading activities, so until and unless TM commence its operation, TRT will remain dormant."
At 1:50pm: (LON:TRIC) Tricor PLC share price was 0p at 0.25p