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Six companies issue profit warnings
AT least six Singapore-listed companies issued profit warnings on Tuesday.
Food supplier Auric Pacific Group expects to report a significant loss for 2015 due to the impairments of intangible assets and an associated company, costs associated with the closure of non-performing retail outlets and provisions for costs.
Aluminium building parts maker and vehicle part manufacturer LH Group said it expects to incur a loss for the fourth quarter and year ended December 2015. No reasons were given.
Diversified electronics, marine and food company Aztech Group said additional impairment charges on its fleet of vessels amid the global weakness in the marine industry will drag the company into a loss for the fourth quarter and year ended December.
Electronics component maker Advanced Integrated Manufacturing Corp expects a net loss for 2015 due to lower profit margins.
Steel manufacturer and trader Oriental Group will report a net loss for 2015 as a result of lower selling prices and volumes in China as well as carrying costs of subsidiary Xinghua Rongcheng Precision Manufacturing Co amid a production halt.
Investment holding company Innopac Holdings warned of a substantial 2015 loss due to provisions for impairment of trade receivables and goodwill.
Not all profit guidance on Tuesday was negative. Real estate developer Hiap Hoe said that it will post a profit in the fourth quarter of 2015 despite a loss in the previous three months. Full-year results for 2015, however, will still be in the red.