ALLIED Technologies expects to swing into an audited net loss for 2018 due to impairment losses despite initially posting an unaudited full-year profit in March, the Catalist-listed precision engineering company announced late Monday.
Allied Tech said that it is now expecting a full-year net loss for 2018 mainly attributable to impairment losses stemming from two recent e-commerce acquisitions. On March 1, the company posted an unaudited net profit of S$1.9 million for full-year 2018, a 46 per cent year-on-year decline. The delay is exacerbated by the fact that Allied Tech's chief executive was only appointed on March 1 and its chief financial officer only took office on Feb 1, the company said.
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