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More profit warnings on Friday
A FEW more Singapore-listed firms posted profit warnings on Friday, with three companies as at 7pm warning of a net loss for the financial year ended Dec 31, 2015.
These were refrigeration and air-conditioning systems provider Far East Group, steel stockist and manufacturer HG Metal Manufacturing and offshore & marine engineering firm SBI Offshore.
Far East Group cited a "slowdown in projects mainly in China which resulted in some orders of the group being deferred or cancelled in FY2015, and increased labour costs and greater competition in the region that the group operates in".
HG Metal, which also expects a loss for its fourth quarter ended Dec 31, 2015, said this was mainly due to provision for assets impairment following a review of its business and assets, along with lower revenue.
SBI Offshore said its expected loss was mainly because of lower revenue in FY2015, an unrealised foreign exchange loss arising from the strengthening of the US dollar against the Singapore dollar and an impairment loss on trade receivables.