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JAC debt impairment pushes PEC into the red; halves dividend

THE impairment of a S$19 million debt due from Jurong Aromatic Corporation (JAC) has pushed specialist engineering group PEC into the red for the 2015 financial year.

While PEC had earlier recorded a net profit of S$7.17 million in its unaudited financial statements, audited results showed that it made a net loss attributable to shareholders of S$6.89 million.

In view of this, the firm's board has halved its proposed final tax-exempt cash dividend for FY2015, from two Singapore cents per share to one Singapore cent.