Intraco Limited says it expects to report a net profit before tax for the 1HFY2023 ended June 30 based on a preliminary review of the unaudited management accounts and the information of the company currently available.
In a profit guidance filing, Intraco’s expected net profit before tax for the first half of FY2023 is compared to the net loss before tax for the same period in FY2022.
The anticipated turnaround of the company’s results is mainly due to better management of its balance sheet and cost savings arising from cost management initiatives. Intraco also wrote back some provisions previously made in the financial year ended 31 December 2022.
Intraco was placed on SGX-ST’s watch-list on June 5. For a company to be placed on SGX-ST's watch-list, it would have to have suffered from three straight years of financial losses.
The company has advised that further details of its performance will be set out in its unaudited financial results for 1HFY2023, to be released on or before Aug 7.
Shares in Intraco closed flat at 21 cents on July 20.
