CFM Holdings warns of net loss for FY20

CFM Holdings expects to record a net loss (post tax) for FY20 due to a decline in revenue and profit margin, it warned in a filing to the Singapore Exchange on Thursday.

The decline came on the back of the economic slowdown caused by the pandemic; a key client pushing back manufacturing of their products; and an increase in administrative expenses due to higher depreciation charges.

CFM is a manufacturer providing metal stamping services, design, fabrication and the sale of tool-and-die used for the manufacture of stamped metal components.

It added that further details of the group's performance will be disclosed when the company announces its financial results for FY2020 on or before Aug 28.

The counter closed at 2.6 Singapore cents on Thursday, up 0.3 Singapore cent.