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Sing Holdings warns of Q1 loss on higher expenses, lack of recognised revenue
SING Holdings on Monday warned that it will report a loss for the first fiscal quarter ended March 31, 2015.
"The loss is primarily due to higher sales and marketing expenses incurred for the group's development properties, without corresponding revenue recognition from sales of units in Waterwoods in accordance with accounting standards," the property developer said, referring to its Punggol executive condominium project that was launched in November 2013.
Sing Holdings added that further details will be disclosed when the company announces its unaudited financial statements for the quarter.
Sing Holdings shares closed at 33 Singapore cents on Monday, down by 1.5 per cent or half a cent, before the profit warning was issued.