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Sin Heng warns of loss for Q4 and FY2016
CRANE rental company Sin Heng Heavy Machinery announced on Wednesday that it expects to record a net loss for the fiscal fourth quarter of 2016 and the financial year ended June 30, 2016.
The loss is attributed to lower revenue due to the competitive operating environment and disposal of certain non-performing, old-aged cranes, the company said.
In addition, the net loss for the financial year ended June 30 is also due to a one-time recognition of loss on the disposal of an associate company as announced on Nov 12, 2015, Sin Heng added in its profit guidance.
Sin Heng said that further details of its financial performance will be disclosed when they release their financial results for the fiscal fourth quarter and financial year on or before Aug 29.
They also advised shareholders and potential investors to exercise caution in dealing with the company's shares.