Ziwo warns of loss, revenue drop in Q3

SYNTHETIC fibres maker Ziwo Holdings said on Wednesday it would report a third-quarter operating loss and a significant drop in revenue.

The performance drop was attributed to the loss of revenue from the ending of its 30D terylene filament yarn; from compensation claims arising from the sale of defective goods; from allowances for impairment of receivables; and from a tax penalty because it did not fulfil certain conditions granted under the New High-Tech Enterprises scheme.

The company expects to report its third-quarter results by Nov 14.