BRC Asia's board expects company to turn a profit in Q3

MAINBOARD-LISTED steel dealer BRC Asia should return to the black in its third quarter, helped by its purchase of industry peer Lee Metal, the board told shareholders on Wednesday.

Commercial and cost synergies from the Lee Metal acquisition,"as well as an improving business environment", helped to lift the latest quarterly performance, the board said. BRC had reported a wider loss of S$7.74 million for the same period in the previous year, which the board attributed to contract provisions and impairment of receivables from the acquisition.

But BRC is now expected to report higher profits for the third quarter and nine months to June 30, the board said in its profit guidance on the Singapore Exchange website.Unaudited financial results are expected to be released by Aug 14."In the meantime, shareholders and investors are advised to exercise caution when dealing in the shares of the company," the board added.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asia stocks higher ahead of Fed, pound pressured by fresh Brexit painAsian stocks edged up on Tuesday as equity investors prepared for an expected U.S. interest rate cut this week while heightened concerns in ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Synagie to manage sporting goods giant's e-commerce business in S-E AsiaHOMEGROWN e-commerce startup Synagie has inked an agreement with Amer Sports Malaysia Sdn Bhd to manage its e-commerce platforms business in South-east Asia, the Catalist-listed firm announced in a press statement on Wednesday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »