Singapore eDevelopment braces for loss, issues profit warning for FY14
Due to losses in the construction business.
Catalist-listed Singapore eDevelopment today issued a profit warning for FY14, with the company expecting to report a loss in its unaudited financial results.
The loss is mainly due to losses incurred by its legacy construction business prior to the disposal of CCM Industrial in May 2014, along with losses and provision made arising from claims against corporate indemnities previously issued to its legacy construction business.
The group’s bottomline was also impacted by non-cash fair value adjustment of embedded financial derivative arising from the issuance of exchangeable notes.