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Hiap Seng Engineering expects first-quarter loss

MAINBOARD-LISTED Hiap Seng Engineering expects to record a first-quarter net loss, according to its profit guidance issued on Friday. 

Further details of the group’s performance will be disclosed when it releases its Q1 FY2020 financial statements by Aug 14, Hiap Seng said. 

Hiap Seng, which provides engineering and plant-related services for the petroleum and petrochemical industry, in July told the Singapore Exchange that it should be able to continue as a going concern, based on cash-flow projections for fiscal 2020 to fiscal 2022 conducted by an independent consultancy firm.

The bourse had queried Hiap Seng on its financial results for FY2019, asking if the group is able to operate as a going concern and whether its shares should be suspended, given its net current liabilities of about S$20 million.

Hiap Seng had said that it is actively discussing additional equity funding with potential investors and financial advisers.