BRC Asia's board expects company to turn a profit in Q3
MAINBOARD-LISTED steel dealer BRC Asia should return to the black in its third quarter, helped by its purchase of industry peer Lee Metal, the board told shareholders on Wednesday.
Commercial and cost synergies from the Lee Metal acquisition, "as well as an improving business environment", helped to lift the latest quarterly performance, the board said.
BRC had reported a wider loss of S$7.74 million for the same period in the previous year, which the board attributed to contract provisions and impairment of receivables from the acquisition.
But BRC is now expected to report higher profits for the third quarter and nine months to June 30, the board said in its profit guidance on the Singapore Exchange website.
Unaudited financial results are expected to be released by Aug 14. "In the meantime, shareholders and investors are advised to exercise caution when dealing in the shares of the company," the board added.
BRC Asia shed S$0.02 or 1.46 per cent to S$1.35 on Wednesday before the guidance was issued.
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
OKP unit gets S$92.9 million LTA contract
Greenback recovers from PMI slump, yen closes in on 155 per dollar
Digital Core Reit Q1 distributable income slips 2.4% to US$10.6 million
Hong Kong Stock Exchange bids farewell to first woman chair
Toymaker Hasbro posts quarterly profit beat, slower sales decline
CapitaLand India Trust Q1 net property income up 19%