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AusGroup, Nam Cheong, Raffles United warn of losses
AUSGROUP, Nam Cheong and Raffles United Holdings are warning of net losses for their latest financial periods ended December 2015.
AusGroup, an oil and gas and mining engineering company, said that it expects net loss for the quarter and half-year ended December 2015.
The loss was due to continued delay in the commercialisation of the port and marine business and a worse-than-anticipated pullback in capital expenditure in the oil and gas industry.
To improve cash reserves, the company also sought to resolve long outstanding contractual claims, leading to significant impairment write-downs of receivables. AusGroup also reversed deferred tax assets relating to research and development credits because it is no longer probable that they can be offset against future profits.
AusGroup expects to announce its results by Feb 14.
Nam Cheong, an offshore and marine company, said that it expects a net loss for the fourth quarter ended December, but to remain profitable on a full-year basis.
Details about the loss will be provided when the company announces its results, expected to be by Feb 29.
Raffles United, a supplier of bearings and a developer of property, warned of a net loss for the second half of 2015, although the company is still expecting a full-year profit.
The second-half loss is due to a one-off waiver of intercompany debts following the disposal of a Guangzhou unit, and losses from that Guangzhou unit and an Australian subsidiary.
Raffles United expects to report its results by the end of February.