LY Corporation issues profit warning for Q1

MALAYSIAN bedroom furniture maker LY Corporation said on Friday that it expects to report a net loss for the first quarter ended March 31.

The company cited expenses incurred in relation its listing on the Singapore Exchange's Catalist board in January 2018 and the appreciation of Malaysian ringgit against US dollar as reasons for its profit warning.

LY Corporation is in the process of finalising its financial results and will provide further details of the group's performance when it announces its unaudited financial results for first quarter on or before May 14, it said.

LY Corporation shares closed at S$0.295 on Friday, unchanged from the previous day.