ANOTHER earnings miss from Sunningdale Tech has prompted activist fund Quarz Capital Management to fire off a second open letter to the board of the mainboard-listed high-precision plastic components maker.
"We estimate these non-recurring costs at more than S$3 million in the fourth quarter," Quarz wrote on Tuesday. By Quarz's own estimates, Sunningdale's core net profit from underlying operations without the one-off costs could be S$5 million for the fourth quarter and S$24 million for all of 2018,"considerably closer to consensus estimates".Sunningdale shares have tumbled 10.25 per cent since it reported fourth-quarter adjusted earnings of S$1.
Mr Khoo added:"Secondly, in China, there were delays in gradually shifting operations and machinery from our facilities in Shanghai to our new 50,000 square metre mega site in Chuzhou. This was due to delays in approvals from certain customers and resulted in additional costs incurred. We expect completion of this shift in operations to take place by the third quarter of 2019."
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