Gelonghui September 7?JBB BUILDERS (01903.HK) announced that the Group expects to record a loss of approximately 8 million ringgit attributable to its owners for the year ended 30 June 2023, while the Group recorded a profit attributable to corporate owners of approximately 12.5 million ringgit in the previous year.
The adjustment in expected results for the year ended June 30, 2023 is mainly due to the increase in credit risk of some customers based on the latest market information and payment history, an additional provision of approximately 9.1 million ringgit was recognized for impairment losses on trade receivables and contract assets. As a result, provisions for trade receivables and impairment losses on contract assets will be recorded in that year instead of reversing the impairment losses on trade receivables and contract assets as mentioned in the notice.