Blumont Group warns of imminent second-quarter loss

Hard-hit by investment impairments.

In a disclosure to the Singapore Exchange, the Board of Directors of Blumont Group Ltd. announced that the Group is likely to report a loss position for second quarter ended 30 June 2013 (2Q2013).

The expected loss in 2Q2013 is attributable to the unrealised losses arising from fair value readjustments of the Group’s investment in transferable securities (financial assets) as well as the provision to be made for impairment for investments and assets affected by the recent volatility and downturn in the financial market and global economy.

Notwithstanding the above, the Group is expected to be profitable for the half year ended 30 June 2013.

Further details of the Group’s results will be disclosed when the Group announces its half year financial statements.