Furniture company LY Corp will resume operations in Malaysia after receiving approvals from the relevant authorities in Malaysia.
This comes after the group was forced to stop operations on June 1, following the full movement control order (FMCO) in Malaysia.
As at Aug 30, wholly-owned subsidiary LY Furniture, is allowed to operate its factories at 60% capacity with effect from Aug 27, with 40% fully vaccinated staff.
Meanwhile, Leyo Manufacturing, a 51%-owned subsidiary and with 60% fully vaccinated staff is allowed to operate its factories at 80% capacity with effect from Aug 30. Both factories will be able to resume full operations when staff are 80% fully vaccinated.
The company disclosed earlier that it is expected to report a loss for its 1HFY2021 ended 30 June 2021. This is because it registered lower revenue for 1H2021 due to the temporary full/partial closure of its operations in January and since 25 May 2021, among other factors.
LY Corp also expects its financial performance for the second half of the financial
year to be affected, pointing out the Covid-19 situation in Malaysia is still evolving, and the Malaysian government may implement further measures to curb the spread of Covid-19.
As such, the company is currently unable to quantify the extent of the financial impact of the Covid-19 measures on the earnings per share and net asset value per share for the financial year ending 31 December.
Shares of LY Corp closed at 15.7 cents on Aug 30.
