DOOR-MAKER KLW Holdings' net loss widened to S$9.41 million for the year ended March 31, 2020 from a S$1.38 million net loss in FY2019.
Revenue declined 13 per cent to S$26.46 million. The drop was due mainly to a decrease in the export sales for the door business amid weakened macro economic demand arising from the UK's exit from the European Union, the continued escalation of the US-China trade war and the global impact of the Covid-19 pandemic. These have adversely affected the group's main export markets including the UK and US.
Moreover, there were order shipment disruptions in Malaysia; the group's factory in Johor had to be closed to comply with the directives issued by the Malaysian government to restrict nationwide movement to contain the spread of the novel coronavirus. KLW posted loss per share of 0.17 Singapore cent for FY2020, compared with loss of 0.03 cent for FY2019.
Net asset value per share slipped to 1.16 Singapore cents as at March 31, 2020 from 1.38 Singapore cents as at March 31, 2019.