Door-maker KLW Holdings likely to post net loss for FY2019

DOOR-MAKER KLW Holdings is expected to report a net loss for the financial year ended March 31, going by the preliminary review of its draft financial results for FY2019.

In a regulatory filing on Friday night, the Catalist-listed company issued guidance on its FY2019 financial results, saying "the losses are mainly due to a decline in revenue from the door business". The company is still in the process of finalising its results for FY2019, which will be released by May 30.

It was in the news recently over a claim of S$7.8 million from investor Michael Chan Ewe Teik and his company Straitsworld Advisor for legal costs and the commitment fees paid under an unauthorised term sheet for a property development project in Zhangye Gansu, China. In the settlement proposal dated Nov 29 last year, Mr Chan was meant to pay by three instalments of S$1 million, S$1.5 million and S$5.3 million.

Mr Chan has repaid part of the judgment debt but unless he pays S$1.35 million and S$2.7 million by Oct 7 and Dec 31 this year, the bankruptcy order issued against him in July 2018 - now temporarily suspended - would take effect.

KLW shares closed at 0.3 Singapore cent on Friday, up 0.1 cent or 50 per cent.