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.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
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
Telegram messaging service to allow Tether stablecoin payments
Hong Kong regulator to probe PwC auditing role over Evergrande
US: S&P, Dow open flat as Middle East jitters ease, Netflix weighs on Nasdaq
DBS puts 46 retail units, HDB shops on market for S$210 million
China to facilitate Hong Kong IPOs and expand Stock Connect
Global equity funds see surge in outflows as rate cut hopes fade