GHY Culture & Media is guiding for a net loss for its FY2023 ended Dec 31 2023 results.
Following a preliminary review of the unaudited financial results, the company attributes its expected loss to foreign exchange (forex) reasons, due to the appreciation of the Singapore Dollar against the Chinese Renminbi in FY2023, as the company has significant operations in China, and the recognition of credit loss allowance.
“Loss allowance has been measured by reference to past default experience of the debtors and an analysis of the debtors’ current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and current and forward looking macroeconomic factors affecting the ability of the customers to settle the receivables,” says the company in its announcement.
Further details of the company’s financial performance will be disclosed when it announces its full year results.
Shares in Aspial Corporation A30 closed unchanged at 37 cents on Feb 19.
