Transport players are most pessimistic.
Firms are more worried about their profitability prospects in 2016, according to the latest National Business Survey.
Some 17% of firms expect no profits in the next twelve months, compared to just 10% in the same period last year.
Consequently, the number of firms who forecast positive profit growth this year dropped to 48%, compared to 56% last year.
Companies in the logistics and transportation sector are the most pessimistic, with 26% of firms expecting losses this year. This is followed by the oil and gas sector, where 22% of companies expect negative growth, and the education sector, at 20%.
The National Business Survey is jointly conducted by the Singapore Business Federation and DP Information Group.
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