The disruption affected the construction schedules for pre-sold boats, impacting revenue recognition in 1QFY22.
Grand Banks Yachts (GBY) expects to report a net loss for the 1HFY22, advising shareholders and potential investors to exercise caution when dealing in its shares.
In a filing, GBY CEO Mark Richards said the loss is mainly due to the prolonged shutdown of the company’s manufacturing facility in Pasir Gudang during the three months ended Sept 30, 2021, in compliance with movement control order issued by the Malaysian government.
