Ipco International, which operates as a developer and turnkey contractor, on Wednesday said it expects a net loss in the first-quarter on account of foreign exchange translations relating to its units.
Ipco, whose board affirmed its view that the company can remain a going concern, said losses due to the translation effect on the operations of the group's foreign currency denominated subsidiaries.
Ipco's investment portfolio consists of residential development in Washington, natural gas distribution in Hubei Province, China and high-tech semiconductors in Singapore.
The group's profit before tax fell about 28 percent to S$3.4 million in the financial year ended April 30.
Independent auditors of Ipco have raised questions over its ability to continue as a business, citing the company's net current liability position and a lack of evidence to support expectations of future cash flows.
Ipco's board last month reaffirmed its view that the going concern assumption was valid was based on optimism about three subsidiaries.
Ipco expects to release its quarterly results on or before September 14.
