Hiap Seng Engineering expected to end FY15 in the red
Due to lower revenue recognition.
Hiap Seng Engineering warned that it is expecting to book a loss for FY2015, on back of lower recognition of project revenue.
The group’s bottomline will also be impacted by an impairment of receivables provided by a Malaysian subsidiary which had completed certain projects in East Malaysia.
The group also expects to book a loss in the fourth quarter of its financial year.