2 reasons behind Eastgate Technology's looming profit loss

The company just issued a disclaimer.

According to an SGX release, the Board of Directors of Eastgate Technology Ltd. announced that while the Group’s core business segments, engaging in the import and export, manufacturing and marketing of fasteners and precision components continued to contribute profitably to the Group for the current financial year, the Group is expecting to report a net loss for the financial year ended 31 August 2012 due mainly to the following:

(a) a loss attributed to additional building-related expenses incurred due to unforeseen delays in negotiations to novate the lease of an industrial property of the Company.

The aforesaid loss is not expected to recur as the negotiations were successfully concluded in May 2012; and,

(b) under-provision of the Company’s income tax for the years of assessment 2005 and 2008.

Full details of the Group’s financial performance will be disclosed when the Group announces its unaudited consolidated financial results for the financial year ended 31 August 2012.

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