Heatec Jietong issues H1 loss warning

LISTED piping and heat exchanger services provider, Heatec Jietong issued a profit warning after Monday's trading close for the half year ended June 30, 2017.

The group said that it expects to report a first half net loss mainly due to a loss on liquidation of a 72.5-per-cent-owned subsidiary as well as lower work orders and projects resulting from a continued slowdown in the marine and offshore engineering sector.

In two announcements on April 13 and June 22, the group indicated that its wholly owned subsidiary, Heatec Jietong Pte Ltd, has applied for and obtained a court order to wind up its 72.5-per-cent-owned subsidiary, Heatec Chariot Envirobotics Pte Ltd (HCE).

Prior to the winding-up, HCE had disposed its equipment and spares as the group company intended to discontinue the blasting business.

The group expects to release its first half unaudited consolidated financial results no later than Aug 14, 2017.