HG METAL MANUFACTURING LIMITED HG METAL MANUFACTURING LIMITED
(Company Registration No. 198802660D)
PROFIT GUIDANCE FOR THE UNAUDITED FINANCIAL RESULTS FOR THE SECOND HALF AND FULL YEAR ENDED 31 DECEMBER 2022
In anticipation of the release of the Group's financial results for the second half ("2H 2022"), as well as for the full year ended 31 December 2022 ("FY2022"), the Board of Directors of HG Metal Manufacturing Limited (the "Company" and together with its subsidiaries, the "Group") wishes to announce that the Group is expected to report a loss for FY2022.
The expected loss is mainly attributable a one-time impairment of the Group's investment in a subsidiary, First Fortune International Co. Ltd. ("FFI") in view of the Group's plan to cease its business operations in Myanmar. The Company does not expect the economic conditions of Myanmar to improve significantly in the near future, especially after Myanmar was put into the black list of the Financial Action Task Force ("FATF") in October 2022.
The profit guidance is issued based on a preliminary review of the Group's unaudited financial results for FY2022. Further details of this impairment and the Group's financial performance will be disclosed when the Company announces the results for FY2022.
Shareholders and potential investors are reminded to exercise caution when dealing or trading in the securities of the Company and should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisers if they are in doubt about the actions that they should take.
By Order of the Board
Foo Sey Liang
Executive Director
7 February 2023
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HG Metal Manufacturing Ltd. published this content on 07 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 February 2023 10:18:26 UTC.
