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Courts Asia warns of net loss in Q1
COURTS Asia warned of net loss for its first quarter ended June 30, due to new consumer protection regulations that impacted the group’s Malaysia business as well as impact from higher impairment levels and the adoption of FRS 109 Financial Instruments (FRS 109) on the Indonesia business.
There will also be a significant one-time increase in the allowance for impairment of trade receivables and a corresponding decrease in opening retained earnings of S$29.3 million as a result of an earlier recognition of credit losses under the expected credit losses model, in accordance with the adoption of FRS 109, said the group.
However, the group said that its cash position continues to be healthy. The group will continue to focus on business transformation, executing its initiatives at pace in Malaysia, said Courts Asia.
Further details of the group’s financial performance will be furnished when the company announces its unaudited financial results for Q1 FY18/19 on or before Aug 14 2018.