The company faces delays in contract signing and production
GHY Culture & Media Holding expects to report a loss for its first half ended June, citing factors including unfavourable forex.
The company, while Singapore listed, operates mainly in China and the appreciation of the Singdollar versus the RMB has weighed down on its financial numbers reported in Singdollar.
Furthermore, the company, led by chairman Guo Jingyu (chairman) has suffered delays in contract signings with some of its customers in China because of on-going “tightened Covid-19 measures”.
“While key terms may have been agreed in principle with customers, contract signing and production with some customers were delayed due to the heightened Covid-19 measures in China which brought difficulties in finalising contracts, thereby resulting in a decrease in revenue contribution to the group in 6M2022,” the company explains.
GHY shares last traded at 47 cents.