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Soilbuild Construction, BBR, Hotel Properties and Koyo warn of H1 losses
FOUR more Singapore-listed companies warned of net losses for their results for the six months ended June 30, 2020, mostly due to government-mandated operating suspensions amid the Covid-19 pandemic.
Mainboard-listed Soilbuild Construction Group on Friday said it expects to report a "significant" net loss for H1 due to operating losses arising from the suspension of activities at sites/factories.
Other factors contributing to the expected loss are a provision for losses from certain projects in Singapore due to extended construction periods, and an increase in construction cost for certain projects.
The company reported a net loss of S$1.8 million for H1 2019. It expects to release its results on Aug 11.
Meanwhile, construction and property firm BBR Holdings on Thursday evening said it expects to report a deeper net loss as Singapore's "circuit breaker" and Malaysia's movement control order resulted in a suspension of operations and a drop in overall business volume. It reported a net loss of S$6.9 million for H1 2019.
Budgeted project costs of ongoing projects have also increased due to delays in project schedules, the "slow and gradual" restarting of projects at a lower level of productivity due to government safety measures, and additional costs incurred to comply with the measures, the mainboard-listed firm added.
Hotel Properties Limited did not provide reasons for its expected loss announced on Thursday evening. The mainboard-listed company reported a net profit of S$3 million for Q2 2019. It will release its results on or before Aug 14.
Engineering firm Koyo International on Thursday evening said its expected loss is mainly due to a "significant" decline in revenue from the suspension of major business activities and operations. The Catalist-listed company reported a net profit of S$327,000 for H1 2019. It will release its results on or before Aug 14.
Shares of Soilbuild Construction were trading flat at 2.7 Singapore cents as at 10.53am on Friday, after the announcement. BBR shares sank 17.7 per cent or 2.8 cents to 13 Singapore cents, while shares of Hotel Properties were flat at S$3. Koyo shares were flat at nine Singapore cents.