The disruption affected the construction schedules for pre-sold boats, impacting revenue recognition in 1QFY22.
Although boat construction activities were resumed mid-Sept 2021, the loss of revenue and the combined impact of the accrued fixed overhead costs in 1QFY22, increased freight costs amid disruptions in sea freight, as well as rising material costs are expected to result in a net loss for 1HFY22.
Further details on the group’s performance will be disclosed mid next month.
Malaysian billionaire Lim Kok Thay, who is the controlling shareholder of troubled cruise operator Genting Hong Kong is a substantial shareholder of GBY.
See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025
Shares in GBY closed flat at 31.5 cents on Jan 21.
