Solis Holdings Limited (02227) said the group has recently been awarded two new projects for a total contract sum of approximately SGD10 million. The awarded projects have commenced in September 2019 and January 2020 respectively and is expected to be completed within 24 months from date of commencement.
Also, the group anticipates to record a net loss after tax of not less than SGD3.0 million for the year ended 31 December 2019 as compared to a net profit of SGD0.7 million for the year ended 31 December 2018.
Such change is mainly attributable to the intense competition in Singapore construction market, gross profit margins for newly awarded projects were significantly dragged down coupled with the number of awarded projects during the year is significantly lower than expected.
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