Beng Soon Machinery Holdings Limited (01987) said for the year ended 31 December 2020, the group is expected to record a loss after income tax of approximately SGD14 million, as compared to a profit after income tax of approximately SGD3.2 million for the corresponding period in 2019.
The expected loss after tax was mainly attributable to (i) the significant negative impact of the outbreak of COVID-19, which resulted in the delay or suspension of the group's projects; the Singapore government's implementation of circuit breaker preventative measures to pre-empt the local transmission of COVID-19 since April 2020; (iii) additional costs incurred for the group to demonstrate its ability to meet prescribed COVID-safe restart criteria to recommence suspended projects; and the plummet in the price of salvage materials due to its diminished demand in Singapore and other countries such as mainland China as a result of the adverse market conditions during the period, which collectively affected the group's revenue, business and financial results.
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