SINGAPORE - Progen Holdings expects to report a net loss for 2017 due to lower revenue and fair value losses on investment property.

The investment holding and air-conditioning company said that it will provide more details when it announces its results by March 1.

This will be Progen's second straight year of losses. In 2016, the company reported a deficit of S$1.6 million. For the six months ended June 30, 2017, Progen posted a net loss of S$975,000 as total revenue fell 45.9 per cent to S$2.6 million.

Progen stock last traded at five Singapore cents on Friday (Feb 9).