This refers to an allowance for impairment loss on certain trade receivables and contract assets
amounting to $0.4 million in 2HFY2023 and adjustment on receivable due to the weakening of the currency of Myanmar against the US dollar, for the balance consideration receivable from Tat Hong Holdings amounting to $0.2 million in 2HFY2023.
Intraco Limited reverses into earnings for the FY2023 ended Dec 31, 2023, with a net profit of $3.2 million, compared to a net loss of $1.3 million from the same period a year before.
The group says that its reversal of $3.8 million in 2HFY2023 was due to partial recovery of a trade receivable, which was previously provided for by the company in the financial years ended Dec 31, 2009 to Dec 31, 2011.
