Sim Lian issues profit warning for Q1 results

Sim Lian Group has issued a profit warning that it is expected to post a significant reduction in pre-tax profit and post a net loss for the first quarter ended September 2015 from a year ago.

Based on a preliminary review, the firm attributed the weaker results to foreign exchange loss over the quarter and lower revenue following the adoption of accounting standards INT FRS 115 effective in 2010.

The company said it was still in the midst of finalising the consolidated results which is due to be released next month.

Sime Lian shares closed unchanged at 90 Singapore cents on Thursday.