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PROFESSIONAL services provider Zico Holdings said that it expects to report “a substantial net loss” for its financial year ended Dec 31, 2023.
In a profit guidance update released on Friday (Feb 16), the Catalist-listed company said reasons for the expected losses include a provision for loss allowance related to its investment in the Philippines.
Other factors include slower corporate finance and consultancy activities in Singapore and Malaysia due to softer market conditions amid economic uncertainty and elevated interest rates.
Substantial termination of the group’s business in Myanmar due to political instability also contributed to the results.
Its final set of results will be released on or before Feb 29.
Shares of the company fell S$0.001 or 2 per cent to close at S$0.049 on Friday, before the announcement.
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