Grand Banks Yachts Reports Discrepancies in Unaudited, Audited FY24 Results

MT Newswires10-07

Grand Banks Yachts (SGX:G50) reported differences between its unaudited and audited financial results for the fiscal year ending June 30, 2024, noting no impact on net profit, according to a Monday filing on the Singapore Exchange.

In the audited consolidated income statement, profit from operations increased by 1.6% to SG$29.6 million after reclassifying other non-operating income. Revenue and net profit remained at SG$133.7 million and SG$21.4 million, respectively.

The statements of financial position showed non-current assets decreased to SG$49.2 million, while current assets rose to SG$95.3 million. Total liabilities increased to SG$57.2 million due to a reclassification of current liabilities to non-current liabilities.

In the consolidated statement of cash flows, net cash from operating activities fell slightly to SG$9 million, with cash and cash equivalents at year-end dropping to SG$39.3 million because of restricted cash reclassifications.

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