GRP Limited Results Thoughts

GRP Limited (SGX: BLU ) released its half year results. On first glance, results are much worst off as losses have deepened. 

This is one of the first companies that i will be sharing my thoughts as there will likely be more results releasing in this month and next month.

(Looks bad on paper as losses grew from 600k to 1.5m)

On a closer look, there are couple of one-offs that made the result worst. Firstly it was an adminstrative expense 0.7m and lower JSS.

As such not counting these 2 one-offs, result is actually some what the same as last year.

The company is still progressing in their affordable housing in Malaysia and it is still work in progress. It probably will take up to end of 2024 for the project to be done hence there is still some way off.

Therefore while the company is still in a loss making position, the company has cash of 24m and liabilities of 8.1m. This means that net cash is 8.8 cents. The company is trading at below net cash and at a healthy level. With the cash position, it is able to take on more affordable housing projects if it wants to.

Overall, the result is not sexy nor exciting and certainly not good either. It is on the lower end of results as there has been the unexpected penalty from attempting to do foreign exchange transaction that are not according to the laws in China.

I will still continue to monitor and see the progress of the company if it is able to obtain more affordable housing projects in Malaysia as well as its current project.