Hiap Hoe says it expects to report a loss for its FY2022 ended Dec 31 2022.
This is due to fair value changes in financial instruments arising from the real estate group’s investment portfolios as a result of elevated volatility and significant declines across asset classes.
Hiap Hoe will report its earnings for FY2022 on or before Feb 28.
Shares in Hiap Hoe closed flat at 75.5 cents on Feb 3, up 17.97% over the past year.
Separately, Emerging Towns & Cities Singapore (ETC Singapore), which is in the process of finalising the valuations on its investment properties, has also sounded its own profit warning.
It is expecting to report a loss for its FY2022 ended Dec 31 2022, and to recognise fair value losses on the group’s investment properties at the Golden City project, which are non-cash in nature.
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The group has attributed the expected loss to a write-down of its development properties and lower revenue from the rental of investment properties at the Golden City project in FY2022.
ETC Singapore will report its earnings for FY2022 on or around Feb 28.
Shares in ETC Singapore closed flat at 3.4 cents on Feb 3.
Santak Holdings has also issued a profit warning for the 1HFY2023 ended Dec 31 2022, due to substantially lower contributions
from the group’s precision engineering division arising mainly from significantly weaker demand from the data storage sector.
Gross profit for the period is also expected to be substantially lower, mainly arising from lower economies of scale recorded as a result of
the decrease in turnover. In addition, other operating expense also increased in 1HFY2023 compared to 1HFY2022 mainly due to a foreign exchange loss registered in 1HFY2023 compared to a foreign exchange gain for 1HFY2022.
Santak will report its earnings for 1HFY2023 before or around mid-February.
Shares in Santak closed flat at 5.5 cents on Feb 3.
