Gaylin Holdings warns of net loss for FY2018

GAYLIN Holdings announced after trading hours on Friday that it is expecting a net loss for FY 2018, based on the preliminary review of its draft unaudited financial results for Q4 and the full year.

The expected net loss of the group is mainly attributable to an impairment of approximately S$25 million to the value of aged inventories held by the group and continued weak market conditions in the oil and gas industry. The impairment is based on a valuation of the group's inventories by a professional valuer.

Further details of its financial performance will be disclosed when the company announces its 4Q2018 and FY2018 results on or before May 25, 2018.