"Profit Warning" BGMC International estimates mid-term loss to expand to 24.4 million ringgit

BGMC International (01693.HK) issued a profit warning, expecting a net loss of approximately 24.4 million Malaysian Ringgit for the six months ending in February, compared to a net loss of 7 million Malaysian Ringgit in the same period last year. The increase in losses is mainly due to additional default compensation costs incurred by projects; extra correction costs and cost overruns from a major construction and structural engineering project, leading to a decline in gross profit margin; a decrease in other income; and no profits from discontinued operations during the period