SINGAPORE - Global Invacom Group expects to report a net loss for the financial year ending Dec 2016, but expects better results in 2017 and beyond, its Board of Directors have announced, after preliminary review and assessment of the projected financial statements.
The loss is due to consolidation of Global Invacom's manufacturing operations in China, the Board said in a press release on Thursday. The Group will incur one-off shutdown expenses of approximately US$3.0 million (S$4.3 million) for the closure and cessation of Radiance Electronics (Shenzhen), it added.
But, the consolidation is expected to translate into improved gross margins and operational cost efficiencies in financial year 2017 and beyond, the Board said. The Group expects to announce its unaudited results for FY2016 in February 2017.