Miyoshi expects a Q3 loss triggered by pandemic

LISTED components manufacturer Miyoshi Limited expects to report a loss for the third quarter of FY2020, compared to a profit in the corresponding period for the previous financial year.

The manufacturer, in a statement to the Singapore Exchange on Friday, provided the profit guidance after a preliminary assessment of its unaudited financial statements for the third quarter ended May.

It attributed the red ink mainly to lower revenue due to the impact from the novel coronavirus pandemic and the impairment losses recognised from the fire at one of its production plants in the Philippines.

As disclosed in May, the plating and assembly areas of its plant suffered damage in that blaze, and the company then was still assessing the impact. 

Miyoshi will announce its unaudited third quarter financial results by July 14. 

Shares of Miyoshi ended at S$0.037, 0.1 cent higher on Friday, before the profit guidance statement was issued.