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Broadway Industrial, Santak Holdings, Noel Gifts guide for losses
BROADWAY Industrial Group, Santak Holdings and Noel Gifts International each took turns to guide for financial losses on Friday evening.
Mainboard-listed Broadway Industrial warned of a net loss for its full year ended Dec 31, 2019, citing the continued weakness in revenue from the hard disk drive business and losses from discontinued operations.
Due to the ongoing virus outbreak, Broadway Industrial's manufacturing facilities have also delayed resuming operations after the Chinese New Year holidays, following directives from local authorities in Shenzhen, Wuxi and Chongqing.
Meanwhile, Noel Gifts, which is also listed on the Mainboard, expects to post a loss for its half year ended Dec 31, 2019. The group did not elaborate but said more details of its financial performance will be disclosed in its results release on Feb 12.
Finally, Santak said it's likely to slide into the red for its half year ended Dec 31, 2019, weighed down by lower revenue and higher expenses. The group also incurred costs in setting up a new factory in Johor.
The decrease in revenue comes as sales in its precision engineering, and trading and distribution divisions have dropped.