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IPC Corp issues profit warning for FY2019 results
IPC Corporation expects its results for FY2019 ended December to be hit by a fair-value writedown adjustment, the Mainboard-listed company said in a Thursday bourse filing.
The property developer faces a "significant decrease" in the fair value of its preference shares investment in Nest Hotel Japan, based on an independent valuation report made available to IPC's board.
According to IPC's 2018 annual report, Nest Hotel Japan had a carrying amount of S$34.6 million as at end-December 2018. In its latest Q3 results, IPC said that Nest Hotel Japan had secured another two new hotels in Japan to come under its management upon completion in 2021.
More details about IPC's financial performance will be disclosed when the group announces its FY2019 unaudited financial results.
IPC Corp shares closed at S$0.28 on Thursday, up 1.82 per cent.