Samurai 2K Aerosol issues profit warning

CATALIST-listed Samurai 2K Aerosol, a Malaysian maker of aerosol spray paints, said on Wednesday that it expects to report a lower revenue and net profit for the year ending March 31, 2020 (FY2020), compared to the prior year.

This is mainly due to a decrease in total sales volume due to lower demand from key markets, an increase in marketing and distribution expenses, and an unrealised foreign-exchange loss incurred due to depreciation of the Indonesian rupiah, it said.

The group is now finalising its financial results for FY2020. The company expects to unveil its financial results for FY2020 on or before July 30.

The counter fell five Singapore cents or 7.69 per cent to S$0.60 on Wednesday before the profit guidance was issued.