Solomon Systech (International) Limited (02878) said the group is expected to record an increase of more than 50% loss attributable to the equity holders of the company for the year ending 31 December 2019, compared with a loss attributable to the equity holders of the company of US$13.7 million for the year ended 31 December 2018.
The expected increase is mainly attributable to (1) provision of slow moving inventories due to reduced market demand for some of the products resulting in diminished gross profit margins; (2) decrease in net finance income because of a less favourable investment environment for the year ending 2019 compared to the same period of 2018; and (3) close down offices in the United Kingdom and Korea, and written off of carrying cost of these operations. The restructuring is in line with market direction and aims to reduce on-going expenses.
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