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Metal Component issues profit warning for H1 2017

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Metal Component Engineering Limited issued a profit warning on Friday, saying that it expects to report a net loss after tax for the half-year ended June 30.

METAL Component Engineering Limited issued a profit warning on Friday, saying that it expects to report a net loss after tax for the half-year ended June 30.

This was primarily due to one-time costs arising from the closure of two of its operations in China - a nickel plating line in Suzhou and a manufacturing plant in Qing Pu, Shanghai - as part of its consolidation and cost-saving efforts to better manage its resources, the group explained.

It is still in the process of finalising the financial results for the fiscal half year, which will be out on or before Aug 14.

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