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Four firms warn of losses; one expects profit
AHEAD of the long weekend, at least five companies had put out profit guidance in Singapore Exchange filings as at 10.40pm on Friday.
Marco Polo Marine, Sin Heng Heavy Machinery, Aztech Group and China International Holdings warned of losses, while Hiap Hoe said it expected to reverse a loss.
Marco Polo Marine, an offshore services provider, said it expects a net loss for its first half ended Sept 30, 2016, mainly due to lower revenue and an unrealised exchange loss arising from depreciation of the greenback against the Singapore dollar.
Sin Heng Heavy Machinery said it expects a net loss for its third quarter ended March 31, 2016, "mainly due to unrealised fair value loss on forward currency contracts, loss on foreign exchange and lower revenue because of the competitive operating environment in the region".
Aztech said it will record a loss for its first quarter ended March 31, 2016, citing lower turnover and higher administrative costs.
China International also said it expects a loss for its first quarter ended March 31, 2016, but did not say why.
The odd one out was Hiap Hoe, which said it expects to report a profit for its Q1 2016 ended March 31 compared with the loss recorded for its financial year ended Dec 31, 2015.