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Corn refiner Luzhou Bio-Chem warns of Q2 loss

MAINBOARD-LISTED Luzhou Bio-Chem Technology expects to report a net loss for its second quarter ended June 30, the Chinese corn refiner and corn sweetener producer said in a filing on Tuesday.

The company will disclose further details when it finalises and announces its financial results for the quarter, on or before Aug 13.

It sank into the red for Q1, incurring a net loss of 19.9 million yuan (S$3.9 million), compared to a net profit of three million yuan a year ago.

Luzhou Bio-Chem appointed its new chief financial officer Koh Pee Keat effective Jan 1 this year.

The company was placed on the Singapore Exchange’s watch list under the minimum trading price criteria on June 5, 2017.

The counter was flat at 1.4 Singapore cents during the midday break on Tuesday.