While there was no such impairment of goodwill in FY2023, the company notes that its net profit had still been negatively affected by the non-renewal of sub-leases due to the expiry of its lease of The Grandstand, higher financing costs and lower contribution from associated companies.
The board of Cosco Shipping International (Singapore) (SGX:F83
) has announced that it expects to report earnings of approximately $1.9 million for the FY2023 ended Dec 31, 2023, compared to the net loss of $88.86 million recorded for FY2022.
The earnings reversal is primarily due to the company recognising a non-cash goodwill impairment of $99 million that arose from its acquisition of Cogent Holdings in 2018, which affected FY2022 financial results.
