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.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Shares lost 0.1 Singapore cent, or 0.71 per cent, at S$0.14, before the announcement.
READ MORE
Lack of disclosure by Aspen and Enviro-Hub disadvantaged their minority investors
Aspen says financial impact of restrictions on business operations unknown
Aspen says no further developments with Honeywell; glovemaking unit in talks to sell production capacity
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Marriott boosts full-year profit view after mixed Q1 results
J&J advances US$6.48 billion settlement of talc cancer lawsuits
US holds quarterly debt sale steady, starts buybacks this month
US dollar nears six-month high after pre-Fed data shock, yen steady
KFC parent Yum reports surprise drop in global same-store sales on weak demand
Pfizer lifts 2024 profit view on cost cuts, higher Covid vaccine demand