JBB Builders International Limited provided consolidated earnings guidance for the year ended 30 June 2023. For the year, the group is expected to record a loss attributable to owners of the Company of approximately MYR 8 million for the year ended 30 June 2023, as compared with a profit attributable to owners of the Company of approximately MYR 12.5 million recorded by the Group for the year ended 30 June 2022. The adjustment of such expected results for the year ended 30 June 2023 is mainly arising from the recognition of additional allowance for impairment loss on trade receivables and contract assets of approximately MYR 9.1 million due to the increment of credit risk of certain customers based on the latest market information and payment history.

As such, allowance for impairment loss on trade receivables and contract assets for the year ended 30 June 2023 is expected to record instead of reversal for allowance for impairment loss on trade receivables and contract assets as stated in the Announcement.