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Rex International issues profit warning, citing lower revenue due to production stoppages

The Edge Singapore
The Edge Singapore • 1 min read
Rex International issues profit warning, citing lower revenue due to production stoppages
Production was halted several times throughout 2022
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Rex International Holding will report a loss for its FY2022, because of lower volume of oil sold.

The company says it expects to incur a loss for the year ended Dec 31 2022 but a strong positive EBITDA, positive cash flow and strong cash position for the year.

The lower volume sold was because of production stoppages, so as to undertake upgrades of the production facilities between Feb and April last year.

Additional “unforeseen” factors in June and November 2022 affected production as well.

Rex expects to report on or before March 1.

Rex shares closed Feb 21 at 20 cents, down 2.44%.

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