Foreland Fabrictech issues profit warning, expects loss-making third quarter

THE board of mainboard-listed Foreland Fabrictech Holdings has issued a profit warning.

In a filing with the Singapore Exchange on Wednesday, Foreland Fabrictech said it expects "to report a loss and significant drop in revenue" for the third quarter ending Sept 30.

This is consistent with the weak economic sentiments expressed in the firm's second quarter results on Aug 14.

Foreland Fabrictech is an investment holding company which manufactures and sells fabrics for products such as apparel, bags and umbrellas in China.

It added that the demand and selling price for the firm's high-grade textile products, including both apparel and umbrella products, have been under pressure from weak business conditions.

The profit guidance was announced for the benefit of shareholders prior to its release of its unaudited third quarter results on Nov 14.

Further details will be disclosed then.