Courts Asia sounds profit warning for 4Q18

SINGAPORE (Apr 18): Courts Asia says it expects 4Q earnings ended March to be significantly reduced, with the possibility of reporting a net loss position for the quarter.

This follows a preliminary review of the group’s unaudited consolidated financial results for the 4Q18 and FY18.

Courts Asia says this is mainly attributable to the group’s Malaysia business which saw a decline in revenue and correspondingly profit as the result of the introduction of the Consumer Protection (Credit Sale) Regulations 2017 which led to interest rates being capped at 15% per annum.

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