In the 2HFY2023, SLB Development’s revenue plunged by 82.1% y-o-y to $9.5 million due to lower revenue recognised from INSPACE as the construction for the project progressed. INSPACE has obtained its temporary occupation permit (TOP) in January 2023.
SLB Development has reported a loss of $2.8 million for the 2HFY2023 ended May 31, down from its earnings of $14.2 million in the corresponding period the year before.
As guided on July 20, the company’s loss was due to lower revenue and higher finance costs for the period.
