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Grand Banks Yachts expects net loss for 1FY22 due to construction disruption and increased costs

Khairani Afifi Noordin
Khairani Afifi Noordin1/21/2022 5:48 PM GMT+08  • 1 min read
Grand Banks Yachts expects net loss for 1FY22 due to construction disruption and increased costs
Further details on the group’s performance will be disclosed mid next month.
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Grand Banks Yachts (GBY) expects to report a net loss for the 1HFY22, advising shareholders and potential investors to exercise caution when dealing in its shares.

In a filing, GBY CEO Mark Richards said the loss is mainly due to the prolonged shutdown of the company’s manufacturing facility in Pasir Gudang during the three months ended Sept 30, 2021, in compliance with movement control order issued by the Malaysian government.

The disruption affected the construction schedules for pre-sold boats, impacting revenue recognition in 1QFY22.

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