Serial System, King Wan, Global Palm Resources issue profit warnings

PROFIT warnings for the three months to March 31 continued to roll in on Wednesday, with at least three posted as at 10.30pm.

Electronics firm Serial System said in a Singapore Exchange filing Wednesday night that it expected to make a loss for its first quarter ended March 31, without elaboration.

King Wan Corporation, a building services provider, said that it expects a loss for both its fourth quarter and full year ended March 31, citing "impairment to the value of available-for-sale investments held in Thailand" and "allowance for loans made to an associate dealing in property development" in China.

Commodities group Global Palm Resources said that it expects to post a net profit after tax that "will be substantially lower" from the year-ago period, pointing to a "decrease in the sales revenue and the average selling price of crude palm oil and palm kernel".