Uchi Tech warns of lower revenue due to Covid-19


  • Corporate News
  • Thursday, 26 Mar 2020

KUALA LUMPUR: UCHI TECHNOLOGIES BHD has issued a warning that it expects a “low double-digit revenue in US dollar” in the current financial year ending Dec 31,2020 as the Covid-19 fallout is wreaking havoc globally.

In an announcement to Bursa Malaysia on Thursday it said the lower revenue would be when comparing with FY2019 as its customers had reduced their demand due to the fallout from the Covid-19.

“The group will continue to closely monitor the latest developments and take appropriate measures to mitigate any upcoming risks, as well as provide updates on any further developments.

“Barring any unforeseen circumstances, the group is confident to remain profitable for FY20 amid these unprecedented challenges, ” it said.

Uchi Tech said the country, including industries, were in the middle of the first period of the movement control order (MCO) in Malaysia from March 18 to March 31,2020. The MCO was extended to April 14,2020.

“On the other side of the world, the countries where our customers are located are also experiencing similar treatment as part of virus containment measures, ” it said, adding the restrictions and lower demand would impact its FY20 revenue.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Uchi Tech , warning , revenue , impact

   

Did you find this article insightful?

Yes
No

Across The Star Online