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Allied Tech expects nine-month net loss in Q3 results

CATALIST-LISTED precision engineering firm Allied Technologies expects to post a net loss for the nine months to Sept 30, the board warned in a bourse filing on Thursday evening.

The board pointed the finger for the expected loss at a decline in gross profit margin, which it blamed on a challenging business environment and global economic uncertainties.

Its guidance is based on a preliminary review of the unaudited consolidated financial results, which are still being finalised and will be disclosed by Nov 14.

“In the meantime, shareholders and potential investors are advised to exercise caution when dealing in the shares of the company,” said the board.

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Trading in Allied Tech shares has been suspended since early May, amid concerns raised by auditor Ernst & Young over the company’s financials. The company has also been haunted by the disappearance of more than S$33 million from an escrow account later that month.

Its shares last traded at 1.1 Singapore cents.