Asia Standard (00129) released its annual results ending on March 31, 2024, and the group achieved a total revenue of ...
According to the announcement, the reason for the loss to profit shift was mainly due to the increase in expected credit losses on debt securities investment. Other changes include the failure of the joint venture property development project located in Gudong North to reach a consensus with the government on the amount of land supplement within the stipulated time limit, resulting in the government reclaiming the land, leading to impairment provisions for the joint venture and a substantial decrease in the fair value gain of investment property. All provisions and fair value gains are non-cash items and will not have a direct impact on the group's cash flow.
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