The net loss is mainly due to higher total project costs and liquidated and ascertained damages from the delay in project completion, says GRP.
Property development company GRP Limited announced, on May 1, that it has appointed a new main contractor, RSK Global Visions (M) Sdn Bhd, to complete its affordable housing project in Seri Iskandar, Perak. RSK Global Visions will replace the project's former main contractor, Energiser Enterprise Sdn Bhd (EESB). The total contract sum is RM92.83 million or around $28.1 million.
In light of the foregoing award of contract and after a preliminary review of the group's unaudited financial results for 3QFY2025 ended March 31, the group says it is expecting to report a "significant net loss" for the quarter, compared to the same period the year before. In the 3QFY2024, GRP also reported a loss of $585,000, 61.2% higher than the loss of $363,000 in the corresponding period the year before.
