KSH issues profit guidance on net loss for FY2021 on fair value adjustments due to pandemic

PROPERTY group KSH Holdings announced after trading hours on Friday that it expects to report a net loss for FY2021, compared with a net profit of S$15.4 million for the financial year ended March 31, 2020.

The expected net loss for FY2021 is recognised after taking in losses from fair value adjustments of certain hotel properties held by the group's associates and investment properties due to the ongoing Covid-19 pandemic, it said in its profit guidance.

The group added that the ongoing Covid-19 pandemic has also had an adverse impact on the group's construction business in FY2021.

Further details of KSH's performance will be disclosed when the company announces its unaudited financial results for FY2021 by May 28, 2021.

The counter closed flat at 36 Singapore cents on Friday, prior to the announcement.