Pollux Properties guides for net loss in Q1

POLLUX Properties said on Thursday that it expects to record a net loss for the first quarter ended June 30 compared to the same period a year earlier.

This is due mainly to an increase in share of loss from a joint-venture company owing to delays in obtaining the strata title for the property from the Singapore Land Authority.

As a result, additional cost was incurred for the project and provision for liquidated damages was recorded under the JV company's book.

As at Oct 7, the group had obtained the registration of the strata title application for the issuance of separate titles in respect of the project, it said.

Pollux Properties will report its financial results on or before Oct 29.