TBK & Sons Holdings Limited (HK:1960) has released an update.
TBK & Sons Holdings Limited has issued a profit warning, expecting to report a substantial net loss of approximately RM39 million for the financial year ended 30 June 2024, a significant decline from the RM9 million net loss in the prior year. The decline is primarily attributed to a 35% drop in oil trading revenue in China and a significant increase in impairment losses on expected credit losses. The company’s civil and structural work in Malaysia remained stable, but challenges in China’s economic environment and the property market have led to increased competition and payment delays, impacting profit margins.
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