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Virus outbreak hits operations of Nico Steel, KTL Global unit
MORE Singapore-listed companies are reporting impact to their operations amid the ongoing novel coronavirus situation, the latest being Nico Steel and KTL Global.
On Monday, Nico Steel said its operations in Suzhou, China, will be temporarily closed until Feb 9 in line with the latest directives by the Jiangsu Provincial People's Government in its precautionary measures against the virus.
The temporary closure is expected to have an adverse impact on the group's financial performance for the financial year ending Feb 29, given that revenue from the China operations contributed about 83.6 per cent and 84.6 per cent of the group's revenue for the year ended Feb 28, 2019 and the half-year ended Aug 31, 2019, respectively.
Meanwhile, Nico Steel said it continues to monitor the situation closely.
KTL Global on Monday evening also said Chinese employees of its subsidiary, Bluegas Private Limited, may not be able to work due to restrictions on transportation and movements within China.
In addition, the outbreak has resulted in the offices of Bluegas' vendors, suppliers and clients being temporarily closed.
The group said it will continue to closely monitor the potential impact of the outbreak on its financial performance.