Stock News: Cheung Woh Holding expects losses in 2nd half of finiancial year!

Cheung Woh Holdings Ltd said it expects to post losses in the second half to February due to project delays and high prices of steel. "The prices (of steel) had remained at a high level during the second half of the financial year to the extent that it had affected the group's profitability," it said. "In addition, due to certain changes in business conditions and developments which were not anticipated such as customers' delays in the issuance of projected orders for air combs and sheet metal components and costs incurred in relocating some of the manufacturing activities the second half (results) are expected to show a loss," it added. But Cheung Woh said it will stay profitable for the full year ended Feb 28. It expects to announce its full-year results next week.