BGMC International Forecasts Substantial Net Loss

BGMC International Ltd. (HK:1693) has released an update.

BGMC International Ltd. has issued a profit warning, anticipating a net loss of RM1.2 million for the financial year ending March 31, 2024, a significant downturn from the RM11.9 million net profit of the previous year. This expected loss is attributed to increased construction costs, additional expenses to expedite a major project, higher legal and professional fees, and the absence of a reversal of provision that boosted the prior year’s figures. Investors are cautioned to be prudent in dealing with the company’s securities as these preliminary, unaudited results are subject to final adjustments.

For further insights into HK:1693 stock, check out TipRanks’ Stock Analysis page.