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COMMERCIAL PROPERTY | Staff Reporter, Singapore

Raffles United Holdings braces for net loss in 2H15

On back of subsidiary disposals.

Raffles United Holdings has red-flagged its financial results for the second half of 2015, warning shareholders to brace for a net loss.

According to the group’s announcement, the expected profit drop is firstly due to a one-off loss on the waiver of intercompany debts as a consequence of the disposal of Kian Ho Guangzhou (KHGZ), which was attributable to the noncontrolling shareholder.

In addition, the company is expecting to see the impact of a loss from its Australia subsidiary for which the group had ceased bearings operations during the years.

Lastly, the group is also anticipating to hurt from the loss of KHGZ during the year before the disposal.

Notwithstanding this, the company expects to remain profitable for the full year ended 31 December 2015.

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