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Rowsley issues profit warning for full-year financial results
ROWSLEY issued a profit warning after trading hours on Friday for its full-year financial results for the year ended Dec 31, 2016.
The group expects to report a loss before tax for the financial year, attributable to two main factors. The first is impairment on goodwill arising from the acquisition of RSP Architects, Planners and Engineers in 2013, due to the weak property market in Singapore. The second is impairment of investment value in the UK hospitality assets due to lower than expected revenue from Old Trafford Supporters Club Limited and GG Hospitality Management Limited.
The group is still in the process of finalising its unaudited financial results. Further details will be disclosed when its financial results are announced before Feb 28.
In an SGX filing, Rowsley said: "Notwithstanding the impairment losses, the group remains confident of its business model, in particular its investments in RSP and the growth potential of its UK hospitality assets."