Published January 14, 2009

More firms issue profit warnings

By ZEINAB YUSUF

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THE flow of profit warnings amid the economic downturn continues unabated.

C&G Industrial Holdings, a manufacturer of PET chips and yarn products, announced yesterday that it is likely to report a significantly lower consolidated net profit for the financial year ended Dec 31, 2008, as compared to the previous financial year.

The stock price of the company closed at eight cents yesterday, down 5.9 per cent.

FDS Networks Group, which specialises in networking and data communication, said in its profit guidance that 'losses in the second half of 2008 have continued due to a further deterioration in conditions'.

FDS had indicated in its half-year 2008 results announcement that it expected no improvement in conditions for the second half of 2008. The company's stock was last traded on Dec 26 at five cents.

On Monday, AEI Corporation, a specialist manufacturer of precision aluminium extrusion products, said it would report a net loss for the financial year ended Dec 31, 2008.

It said the global economic downturn has dampened demand for its products and the company also suffered exchange losses because of the fluctuation of the US dollar against the Singapore dollar.

Memtech International, which manufactures integrated precision moulded components for mobile phones, IT equipment and the automotive industries, also warned on Monday that it would report a loss for Q4 ended Dec 31, 2008.