Brief: AGV Group Updates On Impact Of COVID-19 Pandemic On Group's Business

AGV

10/11/2021 13:33

Nov 10 (Reuters) - AGV Group Ltd  AGVG.SI :
    * UPDATES ON IMPACT OF COVID-19 PANDEMIC ON THE GROUP'S
BUSINESS
    * OF ALL PRODUCTION WORKERS TESTED, APPROXIMATELY 53% HAVE
TESTED
POSITIVE FOR COVID-19
    * REMAINING PRODUCTION WORKERS AND STAFF OF GROUP AT
SINGAPORE
OFFICE WILL CONTINUE WITH ART DAILY FOR A PERIOD OF SEVEN DAYS
    * NUMBER OF PRODUCTION WORKERS WHO ARE ABLE TO WORK WILL BE
SIGNIFICANTLY REDUCED
    * EXPECTS A MATERIAL REDUCTION TO PRODUCTION TONNAGE OF ITS
SINGAPORE OPERATIONS
    * GROUP IS UNABLE TO QUANTIFY NOR DETERMINE TRUE EXTENT OF
FINANCIAL IMPACT ON REVENUE AND EARNINGS PER SHARE OF GROUP FOR
FY2022
    * REVENUE GENERATED DURING THIS PERIOD, WHERE NUMBER OF
NON-AFFECTED EMPLOYEES ARE SIGNIFICANTLY REDUCED, IS LIKELY TO
BE SUBSTANTIALLY LOWER
    * REVENUE FOR Q1 ENDING 31 DECEMBER 2021 IS EXPECTED TO BE
SUBSTANTIALLY REDUCED DUE TO DECREASE IN SALES
    * EXPECTS ITS PRODUCTION TO RECOVER ONCE NUMBER OF
NON-AFFECTED
EMPLOYEES HAS INCREASED SIGNIFICANTLY
    * E GROUP'S SINGAPORE PLANT AND HEAD OFFICE OPERATIONS
REMAINS
OPEN
    * PROBABLE DECLINE IN REVENUE AND NET INCOME IS NOT EXPECTED
TO
AFFECT GROUP'S ABILITY TO CONTINUE AS A GOING CONCERN
    * UPDATES ON IMPACT OF COVID-19 PANDEMIC ON GROUP'S
SINGAPORE
BUSINESS

Source text for Eikon:  ID:nSN8BDrVD 
Further company coverage:  AGVG.SI 

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