UNI-ASIA Group, which invests in cargo ships and real estate, expects to report a net loss for H1 2020 ended June, the Mainboard-listed company announced in a Thursday bourse filing.

The loss is arising from the impact of Covid-19 on its business, it said. It will disclose further details in its financial results on Aug 14.

In March, KGI Securities downgraded its call on Uni-Asia to "neutral" and halved its target price on the counter to S$0.62. It expects that the group's business will be "hurt on all sides" due to the Covid-19 outbreak and a weaker overall macroenvironment.

"The disruption to the global supply chain, drop in demand for shipping and the significant decline in tourism will have a negative impact on all of Uni-Asia's business segments in 2020.

"This is especially true for its businesses in Japan, which contributed 55 to 61 per cent of the group's total income in 2017 and 2018, and represents businesses such as ship finance arrangement, investments and asset management of properties and hotels," KGI Securities had written.

Shares of Uni-Asia closed at S$0.49 on Thursday, down 1.01 per cent.

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