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Valuetronics resumes China operations after Covid-19 shutdown
VALUETRONICS Holdings on Monday said over 80 per cent of its employees in China have resumed work.
The electronics manufacturer had resumed operations and production at its factories in Huizhou, Guangdong province, from the week starting Feb 17, it said in a regulatory update.
Since then, the company has managed the return of its employees in an orderly manner according to local government authorities' guidelines.
The reduced production days and a temporary drop in production capacity in February and early March will lead to a decrease in revenue for the six months ending March 31, 2020, the group noted. Valuetronics did not disclose how much the revenue drop will be.
It added that business sentiment will likely continue to be uncertain in its major markets such as the US, Europe and China.
Last week, some of the group's suppliers and end-customers in various countries have been taking measures in the form of temporary shutdowns to curb the spread of the novel coronavirus.
Valuetronics shares were trading at 46.5 Singapore cents as at 2.03pm on Monday, down three cents or 6.1 per cent.