According to Zhitong Financial App, Xiushang Times Holdings (01849) announced results for the year ended June 30, 2023. Revenue was 48.201,000 Singapore dollars, a decrease of 0.04% from the previous year; the company owners should account for losses of SGD 1,634 million, profit of 1.103 million Singapore dollars for the same period last year; each share lost 0.2 Singapore points.
The announcement stated that the losses were mainly due to the subsidiary's impairment losses under the expected credit loss model, which totaled about SGD 3.4 million during the year, compared to SGD 300,000 in fiscal year 2022.