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CNA Group’s FY14 Net Loss Increased 83.6 Percent
CNA Group recorded a net loss of $46.1 million, sinking 83.6 percent deeper into the red from a $25.1 million net loss in FY13.
Revenue fell 57.6 percent to $30.2 million due to the weak property market in China and Vietnam, while the group has made total impairment provisions of $31.8 million following a re-assessment of its assets.
As of 31 December 2014, the order book of the group stood at $77.1 million.
In a separate filing, an application has been filed in the High Court of Singapore to place the company under judicial management.
The group also announced that a statutory demand for winding-up dated 2 July 2015 was served on it by Kele & Associates for the sum of $175,148.
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