SLB Development says it expects to report a loss for the 2HFY2023 ended May 31 based on a preliminary review of the unaudited financial results for the full year period.
In a profit guidance filing, compared to the profit the company recorded in the corresponding six-month period in FY2022, the expected loss in 2HFY2023 will also likely result in a lower profit for FY2023 compared to its FY2022 results.
This is mainly due to higher finance costs and lower revenue recognized from its property development projects of which revenue were largely recognised prior to FY2023 as the projects progressed.
SLB Development reported a y-o-y profit increase of 121.5% to $24.0 million surge FY2022.
The company has advised that further details of its performance will be set out in its unaudited financial results for FY2023, to be released on or before July 29.
Shares in SLB Development closed flat at 13 cents on July 20.
