Trading and distribution company Intraco has guided that it will report a “significant increase” in profitability for its FY2023 ended December as compared to the net loss position in the prior financial year.
The increase was mainly due to a reversal of allowance for impairment loss on trade receivables made by the company’s wholly-owned subsidiary Intraco Trading in the financial years ended December 2009 to December 2011.
Intraco also benefited from better management of its balance sheet and cost savings arising from its cost management initiatives.
The company is set to release its financial results by Feb 29.
Shares in Intraco closed 0.5 cents lower or 1.96% down on Feb 6 at 25 cents.
