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GKE expects to report 2Q net loss

PC Lee
PC Lee • 2 min read
GKE expects to report 2Q net loss
SINGAPORE (Jan 6): GKE Corp is expected to report a net loss for the 2Q17 ended Dec.
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SINGAPORE (Jan 6): GKE Corp is expected to report a net loss for the 2Q17 ended Dec.

GKE has a warehousing and logistics business as well as a ready mix concrete plant in China and an liquefied gas carrier carrier.

(See also: GKE’s newly-acquired TNS diversifies from ports to airports)

GKE says the expected net loss is mainly due to operating losses for the concrete plant in Wuzhou, China, where it has only started commercialisation in June and is still in the phase of securing new supply orders

Significantly lower charter rates for a period of two months from mid-Oct 2016 for the LPG vessel is the other reason.

Another reason is lower profit contribution from its warehousing & logistics business division as a result of sale & leaseback of 30 Pioneer Road property and the ongoing redevelopment of 39 Benoi Road warehouse property.

The loss warning followed a preliminary review of the group’s unaudited 2Q17 financial results.

GKE says further details of the group’s financial performance will be disclosed when the company finalises and announces its 2Q17 unaudited financial results on or before Jan 14.

The board has advised its shareholders and investors to exercise caution when dealing with the shares of the company.

Shares of GKE last traded at 10 cents.

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