Forise International 8A1 is guiding for a loss for the FY2022 ended Dec 31, 2022, compared the profit in the FY2021.
The loss is mainly due to the group recognising an allowance for an expected credit loss due to slow collection of trade and other receivables. This is as receivables’ liquidity and credit access continue to deteriorate due to the uncertain economic situations, says the group.
In addition, the loss was also attributable to the “significant” revenue decrease as there were no new contracts secured in their management consultancy services and corporate advisory services business due to the pandemic.
The group will announce its results on or before Feb 28.
Shares in Forise closed flat at 12.5 cents on Feb 21.
