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SINGAPORE : Two Singapore companies heavily invested in China appear to have taken a hit in their earnings.
Precision plastic engineering company Sunningdale Tech and Yong Xin International, which makes high-precision steel strips, have issued profit warnings.
Both said higher energy costs and wages in China have eroded their earnings. Other factors cited include the weak US dollar and higher raw material prices, which also weighed on earnings.
Sunningdale expects to report a loss for its fiscal second quarter as a result.
Yong Xin, on the other hand, said its first-half earnings will be substantially lower than the previous period.
Both companies will release detailed results soon. - CNA/ms
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