Small- and medium-sized firms issue profit warnings amid slower economy

Singapore

AMID a softer economy, a number of small- and medium-sized firms listed on the Singapore Exchange (SGX) have warned of losses or declines in earnings ahead of their announcements of financial results ending Dec 31, 2016.

Data compiled by The Business Times shows that companies in shipping, construction and manufacturing in Singapore continue to be hit by the economic downturn.

But restructuring specialists told BT that listed companies in trouble are, for now, mostly confined to those from the offshore support services sector. These firms are seeking insolvency and restructuring advice as charter contracts dry up and debt burdens increase.

Hogan Lovells' restructuring partner Shaun Langhorne said he is dealing with cases comprising offshore services companies with tens, even hundreds of millions of dolla…