Gallant Venture records a $16m net loss in H2 FY23

The loss came despite the 4% increase in revenue.

Gallant Venture recorded a $16m net loss for H2 FY23, down from the $3.6m net profit in H2 FY22.

The company’s finance costs also increased to $19.9m from $16.6m in H2 FY22 due to high external bank interest rates.

Loss per share for H2 FY23 concluded at $0.296 as compared to the $0.056 earnings per share in H2 FY22.

Meanwhile, revenue increased 4% to $94.7m from $91.1m in H2 FY22 due to higher revenue from industrial leases and related income and higher contribution from a housing project.

As of 31 December 2023, Gallant Venture’s total assets were $1,396.2m, an increase from the $1,378.6m recorded in 2022.

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