This is mainly due to higher finance costs and lower revenue recognized from its property development projects of which revenue were largely recognised prior to FY2023 as the projects progressed.
SLB Development reported a y-o-y profit increase of 121.5% to $24.0 million surge FY2022.
The company has advised that further details of its performance will be set out in its unaudited financial results for FY2023, to be released on or before July 29.
Shares in SLB Development closed flat at 13 cents on July 20.
