On Oct 19, the group said that there had been an understatement in the net loss of its Malaysian subsidiary, Yeo Hiap Seng (Malaysia) due to “certain accounting errors on consolidation adjustments” in the group’s Malaysian subsidiary.
Instead of making a profit of $1.2 million for the 1HFY2022 ended June 30, Mainboard-listed Yeo Hiap Seng would have made a net loss for the six-month period.
Based on the group’s initial guidance, Yeo Hiap Seng would have expected to see a net profit for the 1HFY2022, reversing from the previous year’s net loss. The performance growth was mainly attributed to the group’s better performances in Malaysia and Cambodia.
