CNMC, Heeton guide for H1 net losses; ISOTeam for FY2020 loss

CITING the impact of Covid-19, three firms listed on the Singapore Exchange on Thursday evening guided for upcoming net losses after the market close: CNMC Goldmine and Heeton Holdings for their H1 FY2020 results ended June 30, and ISOTeam for its full-year results ended the same day.

In its bourse filling, Catalist-listed CNMC said that its net loss for H1 is due mainly to decreased gold output, as the group had processed lower-grade ore as well as a reduced quantity of ore.

This was because CNMC had to stop all mining and processing activities in Kelantan from March 18 to May 5, in compliance with a movement control order issued by the Malaysian federal government to contain the spread of Covid-19. 

CNMC has also suffered unrealised foreign-exchange losses as a result of the weakening of the Malaysian ringgit against the US dollar. The company will release its full results on or before Aug 14.

Property player Heeton expects a H1 net loss arising from decreases in rentals, room occupancies and corresponding revenue from its malls and hotels worldwide. It will also release its full results on or before Aug 14.

ISOTeam, which provides building solutions, anticipates a net loss for FY2020 due to the re-scheduling and extension of projects affected by the Covid-19 restrictions, as well as operational constraints.

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"Nevertheless, the company wishes to assure shareholders that the group has sufficient working capital to meet its operational needs and financial commitments. The group will continue to exercise prudent balance-sheet management," it said in its filing. The company will release its results on or before Aug 29.

Shares of CNMC closed at S$0.335 on Thursday, down 6.94 per cent.

Heeton shares closed flat at S$0.19.

ISOTeam shares also closed flat at S$0.144.