Polaris expects to record a net loss for the financial year ending December.
The announcement comes after its 44.88% owned Indonesian associated company, PT Trikomsel Oke Tbk, released its unaudited interim consolidated financial statements for 3QFY15 ended September, on Oct 30.
Polaris says the expected losses would be due to the consolidated share of results of Trikomsel. However, it adds that the challenging market in Indonesia, due to the depreciating Indonesian rupiah against the US dollar and the slowdown in the Indonesian economy is expected to persist in the near term.
Trikomsel is also expected to continue its cost reduction initiatives, to boost its liquidity and sustain its operations, as it works with FTI Consulting on its debt restructuring plan.
Polaris reckons that its telecommunication, media and technology businesses remain favourable across all geographies in Asia, outside of Indonesia. At the same time, it remains open to opportunities for growth and expansion, and will continue to focus on strengthening its regional retail and distribution footprint, it says.
Polaris’ shares closed unchanged at 1.1 cents on Oct 30.
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The announcement comes after its 44.88% owned Indonesian associated company, PT Trikomsel Oke Tbk, released its unaudited interim consolidated financial statements for 3QFY15 ended September, on Oct 30.
Polaris says the expected losses would be due to the consolidated share of results of Trikomsel. However, it adds that the challenging market in Indonesia, due to the depreciating Indonesian rupiah against the US dollar and the slowdown in the Indonesian economy is expected to persist in the near term.
Trikomsel is also expected to continue its cost reduction initiatives, to boost its liquidity and sustain its operations, as it works with FTI Consulting on its debt restructuring plan.
Polaris reckons that its telecommunication, media and technology businesses remain favourable across all geographies in Asia, outside of Indonesia. At the same time, it remains open to opportunities for growth and expansion, and will continue to focus on strengthening its regional retail and distribution footprint, it says.
Polaris’ shares closed unchanged at 1.1 cents on Oct 30.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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