PRG's Hong Kong unit issues profit warning

Its job scope for the contract involves supplying concrete cement and metal for the upgrading of the Train Cargo Terminal at Padang Besar, Perlis, Dolphin said in a filing with Bursa Malaysia.

KUALA LUMPUR: PRG Holdings Bhd's 75%-owned Furniweb Holdings Ltd has warned that there was a substantial 75% decline in its net profit in the first half of 2018 as compared to the previous corresponding period.

Furniweb, which was listed on the Growth Enterprise Market (GEM) of the Hong Kong stock exchange in 2017, issued the profit warning on Monday.

It said the group's profitability for the period was affected by a decrease in sales volume due to reduced orders from major customers, a negative impact from the ringgit's appreciation against the US dollar, increased weighing of fixed overheads over total cost of sales due to lower production volume, and additional corporate expenses.

"Shareholders and potential investors are advised to read carefully the interim results announcement of the Company for the Period which is expected to be published in or around mid-August 2018," it said.

At 12.30pm, PRG was trading unchanged at 78 sen a share on very low trading volume. In Hong Kong, Furniweb lost HK$0.035 sen or 10.14% to HK$0.31.