China Fibretech warns of loss for Q4

CHINA Fibretech said on Tuesday it is expected to report a loss before taxation for the fourth quarter ended Dec 31, 2015, compared to a profit before taxation for the corresponding period a year ago.

The loss was mainly due to the provision of doubtful debts amounting to 4.48 million yuan (S$960,260) recorded in the quarter for trade receivables from three claimants over the claims by customers.

It said it has sought approval for an extension of time up to March 31, 2016, to announce its financial statements, due to unresolved audit findings raised by the external auditors, RT LLP.

The company is in the midst of trying to resolve the matters with the external auditors, it said.