Moya Asia warns of a disappointing S$1m loss

Find out what the culprits are.

According to an announcement, the board of directors of Moya Asia informed shareholders of the company that the group expects to be in a loss position for the 3-month financial period ended 31 December 2012 (“4Q2012”).

Consequently it expects to report a net loss of up to approximately S$1 million for the financial year ended 31 December 2012 (“FY2012”), mainly as a result of an unexpected increase in project costs, which was due to design changes in relation to the Cambodia projects.

This profit guidance is based on a preliminary review of the draft management accounts of the Group for 4Q2012 and FY2012. Further details of the Group’s financial performance will be disclosed when the Company finalises and announces its unaudited financial results for 4Q2012 and FY2012, on or before 1 March 2013.