GRP Reports Discrepancies in Unaudited, Audited FY24 Financial Statements

MT Newswires

Oct 07, 2024

GRP (SGX:BLU) has reported discrepancies between its audited and unaudited financial results for the fiscal year ending June 30, according to a Friday filing on the Singapore Exchange.

The engineering services provider said key variances include an adjustment in impairment of financial assets from SG$2.3 million to SG$2.1 million, a 5.46% decrease.

Trade receivables were revised from SG$1.5 million to zero, while other receivables decreased from SG$15.3 million to SG$3.2 million, representing a 79.12% drop.

Accumulated losses increased from SG$13.3 million to SG$27 million, reflecting a variance of over 100%.

These adjustments stem primarily from management's assessment of expected credit losses related to a receivable from the PRC authority and a full loss allowance for amounts due from Ratus Nautika Sdn Bhd, an indirect subsidiary.

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