Lum Chang issues loss warning for FY2023 on higher construction costs

CONSTRUCTION player Lum Chang Holdings expects to report a net loss for the year Jun 30, 2023, and expects to announce its full-year financial results no later than Aug 25, 2023.

In a guidance filed to the bourse Monday (Aug 14), the group said that the net loss was mainly due to increased costs for ongoing construction projects incurred by its construction arm.

“The increased costs were mainly due to prolonged construction period and higher materials, labour and subcontractor costs due to the pandemic,” it said.

Shares of Lum Chang closed up 4.4 per cent, or S$0.015 at S$0.355 on Monday, before the announcement.