HSR Global said the group expects to report a consolidated net loss for 1H2012 compared to a consolidated net profit of $0.3 million for the financial period ended 30 June 2011 due to the reasons as follows:
1. Impact of the softer property market which has resulted in reduced commission income;
2. Increased operating costs arising mainly from higher staff costs including the realignment of executive directors’ remuneration to market levels and investment in a new senior manager to spearhead the broadening of the Group’s revenue streams; and
3. One-off retrenchment costs incurred in relation to the disposal of the electroplating business of the Group in March 2012.
Nevertheless, HSR Global says its balance sheet remains healthy, with a comfortable cash position to fund operations and fuel new growth areas.
Further details in respect of the group’s 1H2012 financial results will be announced no later than Aug 14.
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