Bonvests issues loss guidance for the nine-month financial results

BONVESTS Holdings announced that the group may record a loss for the nine months ended Sept 30, mainly due to higher depreciation, start-up costs of a new hotel, higher finance costs and absence of fair value gain on investment properties.

In a regulatory filing on Wednesday, the mainboard-listed group with diverse businesses in property development and investment, hotel ownership and management waste management and contract cleaning of buildings issued the guidance for possible red ink. This was mainly due to higher depreciation and start-up costs of a new hotel in Maldives, higher finance costs and absence of fair value gain on investment properties.

The loss guidance was issued after the group performed a preliminary review of the unaudited consolidated financial results for the third quarter.

Details of the group's performance will be disclosed when the unaudited financial results for both the third quarter and the nine months are released. But it did not give the release date.

The counter ended three Singapore cents or 2.61 per cent higher at S$1.18 on Wednesday, before the guidance was issued.