Aspen guides for half-year net loss, citing expenses in glove-making business

MAINBOARD-LISTED Aspen (Group) Holdings expects to post a net loss for the half-year to June 30, the board warned on Friday, as it fingered its glove-making arm.

While the subsidiary began commercial production on May 10 and began recognising revenue on May 29, the Malaysian developer noted that Aspen Glove Sdn Bhd had rung up "significant pre-operating expenses" since January - leaving it loss-making.

Still, Aspen said that it "expects better results for the second half of 2021 from the company's healthcare sector", as Aspen Glove continues to recognise revenue.

Meanwhile, the group said that its property development segment was able to record a pre-tax profit for the six months, despite challenges such as the Covid-19 pandemic.

Aspen is still finalising its results, which are expected to be released by Aug 14.

Shareholders and potential investors are advised to exercise caution when dealing or trading in the company's shares, the board added in its bourse filing.

Shares lost 0.1 Singapore cent, or 0.71 per cent, at S$0.14, before the announcement.

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