17.04.2015

Tat Hong profit warning

Singapore based Tat Hong has issued a profit warning for the fourth quarter of its fiscal year.

The company says that due to sluggish business conditions in Australia and substantial write downs, it will report a loss in the quarter, although the year as a whole will remain in profit. The results will be publish in May.

The statement said:
“The anticipated recovery in activity levels in the Australian construction sector did not materialise amidst the protracted sluggish Australian economy. The challenging business conditions have resulted in a weak performance of the group’s wholly-owned Australian subsidiary group which is expected to recognise significant charges for the impairment of goodwill and assets in its fourth quarter financial results. The aforesaid accounting impairment charges are non-cash in nature”.

“Arising mainly from this, the group is expected to report a loss for the quarter. Notwithstanding this, the group expects to remain profitable for the full year 2015 as its underlying performance in the fourth quarter remained stable”.