After conducting a review of Logistics Construction’s financial affairs in respect of restructuring, provisions were made on contract assets which had received final payments, were long outstanding or slow in payments, and for the reversal of contract assets to reflect lower amounts certified. In addition, the subsidiary has also seen fewer ongoing projects.
Construction services and property development company Boldtek Holdings (SGX:5VI
) 5VI says it expects to report a net loss and net liability position for the FY2023 ended June 30.
Boldtek says the losses were mainly due to its key subsidiary Logistics Construction being in the early stages of restructuring and having been granted a moratorium for a period of three months.
