AsiaPhos is expected to report a net profit for 4QFY2023 and the full year ended Dec 31, 2023, after reporting losses in the same period a year before.
The group says that this profit is mainly attributed to the net profit from discontinued operations which were supported by rental income on the lease of its P4 plant, recognition of the deferred income relating to a government grant received in the past for the construction of the P4 plant, and a write-back of the provision for impairment of the P4 plant.
AsiaPhos says that these are partly offset by higher loss after tax from continuing operation in 4QFY2023 and FY2023 attributed to lower trading revenue and higher administrative expenses in connection with the unsuccessful appeal to set aside the International Arbitration Tribunal’s jurisdiction and the legal costs awarded to China.
The company says that it will announce its full year results on or before Feb 29.
Shares in AsiaPhos 5WV closed 0.1 cents lower or 12.5% down at 0.7 cents.
