TBK & Sons Holdings Limited (HK:1960) has released an update.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
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.
For further insights into HK:1960 stock, check out TipRanks’ Stock Analysis page.