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Credit loss in China, plus reduction in government support weighs down GKE’s 1HFY22 earnings

Lim Hui Jie
Lim Hui Jie1/17/2022 01:54 PM GMT+08  • 2 min read
Credit loss in China, plus reduction in government support weighs down GKE’s 1HFY22 earnings
The company saw gains in its warehousing segment, but was weighed down by its China ready made concrete (RMC) business.
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Warehousing space provider GKE has reported a 41.5% y-o-y drop in earnings to $3.8 million, on the back of a 8.4% decline in revenue to $55 million for its 1HFY2022 ended 30 November 2021.

The significant earnings drop was partly due to the reduction of some $2.2 million in government wage support compared to last year, while staff and administrative costs increased from $6.53 million to $8.27 million in the same period.

The company also booked an allowance of expected credit loss of $0.9 million for its China operations in 1HFY2022, as compared to a year ago.

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