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Allied Tech expects Q1 net loss on declining profit margins

CATALIST-LISTED Allied Technologies is expected to report a net loss for the three months ended March 31, the precision engineering firm said in a profit guidance issued on Monday.

Allied Tech said that the losses for Q1 2019 are mainly due to declining gross profit margin arising from the challenging business environment, in light of the uncertain global economic outlook. The company is still in the process of finalising the financial results for the first quarter.

Details of the company's financial performance will be disclosed when it releases its financial results by July 25.

Allied Tech shares have been suspended since May 8. They last traded at S$0.011 on May 2.