Ley Choon issues profit warning for Q2

LEY Choon Group said on Wednesday night that it expects to report a net loss for its fiscal second quarter ended Sept 30.

The loss is due mainly to the decrease in revenue owing to the completion of certain projects as well as fewer ongoing projects.

The financial results will be released on or about Nov 14.

Separately, the group said that its subsidiaries, Teacly (S) and Ley Choon Constructions and Engineering, have secured two contracts worth about S$36.6 million in total for the installation of underground utilities and resurfacing service.

The contracts are not expected to have any material impact on the company's earnings for the current financial year ending Mar 31, 2019.