Memiontec Holdings has guided for a net loss for the 1HFY2025 ended June 30, compared to a net profit in the same period a year ago.
The group says that this is mainly due to lower gross margins recognised from some of the group’s ongoing public utilities board (PUB) projects in Singapore.
The lower gross margins from the ongoing projects were mainly due to continued prolonged construction periods which resulted in higher manpower and finance costs.
Memiontec says that it has revised project budgets of the ongoing projects to update the higher project cost estimates through to the estimated completion of the projects. Barring unforeseen circumstances, the projects are expected to be completed by the end of the financial year ending Dec 31, 2025.
Shares in Memiontec closed 0.1 cent lower or 7.143% down at 1.3 cents on Aug 1.
