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14 Apr 2025
Hong Lai Huat Reports Material Variances in FY2024 Financials Due to Joint Venture Adjustments
Summary: Hong Lai Huat Group Limited identified significant discrepancies between its audited and unaudited FY2024 financial statements. The audited share of profit from joint ventures decreased by S$1.2 million, attributed to reassessed contract costs in its Royal Hong Lai Huat One joint venture. Additionally, a prior year adjustment reduced the FY2023 share of loss by S$0.6 million. These changes also impacted the reported investment in joint ventures on the balance sheet.