Nordic Group flags 'substantially lower' Q4 profit

NORDIC Group on Monday night said it expects "substantially lower" net profit for its fourth quarter from a year ago, based on a preliminary review of its unaudited results for the three months ended Dec 31.

Full-year results for fiscal 2018 remains profitable, said the company, a precision engineering and systems integration solutions provider serving mainly the marine and offshore industry.

In its regulatory filing on Monday, Nordic Group said the lower net profit is mainly attributable to a decline in profit margins for jobs delivered in Q4, higher staff-related expenses, and one-off costs for "right sizing" its system integration division.

The company will announce its fourth-quarter results on Feb 22.

Nordic shares closed flat at S$0.38 apiece on Monday.