Chip Eng Seng says it expects to report a net loss for the 2HFY2022 in its profit guidance released Feb 8.
The loss is attributable to higher-than-expected foreign exchange losses as well as higher-than-expected provisions to be made in respect of certain of the company’s construction projects. Chip Eng Seng does not specify which construction projects it was referring to.
However, the net loss incurred by the company in its 2HFY2022 will be smaller than the net loss incurred in its 2HFY2021 at $31.6 million, it clarifies.
The company expects to report an overall net profit for its FY2022.
Further details will be published in its unaudited consolidated financial results for 2HFY2022, which will be released in the second half of February.
Shares in Chip Eng Seng closed 0.5 cents lower or 0.66% down on Feb 8 at 75 cents.
