PEC warns of loss on Jurong Aromatics' debt woes

Singapore

PEC Ltd on Wednesday said about S$19 million due from its client Jurong Aromatics Corporation (JAC), which has been put into receivership, remains outstanding.

Correspondingly, the specialist engineering group said that it may report a net loss for fiscal 2015 ended June 30, 2015, if it is required to make specific provision of doubtful debts. "The company is currently in discussions with the receivers of JAC with regard to the payment, and depending on the outcome of such discussions, the group may report a net loss for FY2015 if the group is required to make any specific provision of doubtful debts in its FY2015 accounts."