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CosmoSteel expects loss in Q1 2016

PIPING systems provider CosmoSteel Holdings on Monday issued a profit guidance for its first quarter ended Dec 31, 2015.

Based on the preliminary figures, the group said it expects to record a loss for Q1 2016, as compared to the previous corresponding period, mainly due to lower revenue being generated on the back of sluggish market conditions, which are insufficient to cover the fixed operating costs of the group.

The company will announce its unaudited financial results for Q1 2016 on or before Feb 12.

"Shareholders are advised to act cautiously when dealing with their shares in the company. If in doubt, about the action that they should take, shareholders should seek advice from their stockbrokers, bankers, solicitors, accountants, tax advisers or other professional advisers," said the firm.