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Design Studio warns of losses for Q4, fiscal 2018
DESIGN Studio Group expects to report a “significant loss” for the fourth quarter and full year ended Dec 31, 2018, based on a preliminary review of its unaudited financial results, the interior fit-out and panelling products provider said in a regulatory filing on Friday.
The losses were mainly due to restructuring costs incurred and additional provisions for consolidating manufacturing operations for the fourth quarter. It also incurred manufacturing losses from lower production, costs of closure of underused showrooms in Malaysia and China, and additional cost overruns due to a delay in a project for the quarter.
The group will furnish more details when it announces its results on or before Feb 25.
Separately, Design Studio has appointed Adelle Howse as an independent non-executive director with effect from Feb 1. She is a management consultant and executive contractor.