A key reason for the losses was from a $14.4 million impairment recognized for its education joint venture in China, which suffered together with the regulatory measures curbing the overall tuition industry.
Chip Eng Seng Corporation has reported narrower losses of $31.6 million for its 2HFY2021 ended Dec 2021, 44.3% lower versus the year earlier period red ink of $56.7 million.
Revenue in the same period increased by 28.2% y-o-y to $493 million, led by higher contribution from its construction, hospitality and education divisions, although there was lower contribution from property development.
