Cityneon warns of half year loss due to timing of revenue recognition

The board of Cityneon Holdings today announced that the group is expected to report a net loss for half year ended June 30.

This is because many of the projects secured to date will be delivered and the revenue recognised only in the second half year, it said.

This profit guidance is based on a preliminary review of the draft management accounts.

Further details will be disclosed when the company finalises and announces its unaudited financial results on Aug 7.