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KLW Holdings FY2020 loss widens to S$9.41 million

DOOR-MAKER KLW Holdings' net loss widened to S$9.41 million for the year ended March 31, 2020 from a S$1.38 million net loss in FY2019.

Revenue declined 13 per cent to S$26.46 million. The drop was due mainly to a decrease in the export sales for the door business amid weakened macro economic demand arising from the UK's exit from the European Union, the continued escalation of the US-China trade war and the global impact of the Covid-19 pandemic.  These have adversely affected the group's main export markets including the UK and US.

Moreover, there were order shipment disruptions in Malaysia; the group's factory in Johor had to be closed to comply with the directives issued by the Malaysian government to restrict nationwide movement to contain the spread of the novel coronavirus.

KLW posted loss per share of 0.17 Singapore cent for FY2020, compared with loss of 0.03 cent for FY2019.

Net asset value per share slipped to 1.16 Singapore cents as at March 31, 2020 from 1.38 Singapore cents as at March 31, 2019.

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"The Covid-19 pandemic is likely to continue to have an adverse impact on businesses worldwide, including the group," KLW said.

"For the property business, the group is moving ahead with the application of various permits and licences for its proposed property development in Jakarta. In Melbourne, the group is in the final stages of evaluating the best way of monetising the Melbourne asset in light of the recent pandemic which has affected the Australian market as well."

No dividend has been recommended.

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