Keong Hong warns of expected rise in net loss for 9M FY2022
MAINBOARD-LISTED construction player Keong Hong Holdings is warning of an expected increase in net loss for the 9 months ended Jun 30, 2022, the board said in a profit guidance on Thursday (Aug 4).
The expected increase in net loss is attributable to “higher-than-expected construction costs for materials and labour, exacerbated by labour shortages and other inflationary factors due to the Russia-Ukraine conflict and the strict lockdowns in China”, it said in the bourse filing.
Keong Hong had most recently reported a net loss of S$10.8 million for its half year ended Mar 31, 2022.
The board said that the group is still finalising its unaudited financial results for the first 9 months of FY 2022, which will be out by Aug 14.
Shares of Keong Hong closed unchanged at S$0.34 on Thursday.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Prudential shutters Hong Kong wealth unit Pulse
Singapore has to be realistic on global trends plaguing its stock market: DPM Wong
Google DeepMind unveils next generation of drug discovery AI model
AEM Holdings Q1 net profit tumbles 85% to S$2.4 million
World’s biggest tea buyer Lipton’s sale of last farms is a strategy shift
JPMorgan, Nomura limit Segantii exposure on Hong Kong case