Construction company Keong Hong has given notice that it has recorded pre-tax losses for the three latest financial years in a row.
On Jan 31, the company reported a loss of $49.5 million for the FY2023 ended Sept 30, 2023. This was 7.8% deeper than the loss of $45.9 million for the FY2022. The company also reported a loss of $16.9 million in the FY2021.
According to Singapore Exchange S68 ’s (SGX) rules, a company will be placed on its watch-list if it records three consecutive years of losses and an average daily market capitalisation of less than $40 million over the last six months.
As at March 12, Keong Hong’s latest six-month average daily market capitalisation is at $35 million.
Shares in Keong Hong closed at 16 cents on March 12.
