Portek sees 85% drop in full-year profit
Reasons include costs incurred in corporate restructuring measures, higher operating expenses from new operating subsidiaries.
Fri, Aug 24, 2007
The Business Times
PORTEK International said it expects net profit for the year ended June 30, 2007 to be about 85 per cent below that of the preceding year. The decline is due chiefly to costs incurred in corporate restructuring measures to consolidate and streamline business operations in Europe and China, as well as higher operating expenses from new operating subsidiaries and back taxes imposed on the group's companies in Indonesia.