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Four Singapore-listed companies issue profit warnings
ANOTHER slew of profit warnings were issued on Friday by at least four Singapore-listed companies.
Mercurius Capital Investment Limited (formerly known as CCFH Ltd) said that it expects to report a net loss for the fourth quarter and full year ended Dec 31, 2015, mainly arising from a decrease in revenue from its original design manufacturing (ODM) as sales order from existing customers declined, and an increase in non-operating expenses.
A-Sonic Aerospace Limited guided for a net loss for the fourth quarter and full year, citing allowance for doubtful finance lease receivables, doubtful trade and non-trade receivables, impairment of property, plant and equipment, allowance for stock obsolescence and inventory write-off, and foreign exchange losses as a result of weaker Asian currencies against the US dollar.
In a regulatory filing on Friday, China Environmental Resources Group Limited warned of a "significant increase in losses for six month ended Dec 31, 2015 as compared to the interim results for the corresponding period in 2014".
Deeper losses were a result of an increase in fair value loss on financial assets and biological assets, as well as an increase in general and administrative expenses due to the commencement of a new car distribution business during the six months ended Dec 31, 2015, China Environment said.
Another S-chip China Kangda Food Company Limited, which guided a significant loss for the full year ended Dec 31, 2015, blamed the dismal performance on weak market demand for rabbit meat.