The loss was also attributed to the recognition of credit loss allowance, said GHY Culture & Media in its filing.
This allowance was measured by referencing “past default experience of the debtors and an analysis of the debtors’ current financial position, adjusted for factors specific to the debtors”, it said.
The allowance also considered the general economic conditions of the industry in which the debtors operate, and the current and forward-looking macroeconomic factors affecting the ability of the customers to settle the receivables.
Both companies said further details will be disclosed when their financial results are announced.
Shares of Gallant Venture closed flat on Monday at S$0.132, before the announcement. GHY Culture & Media’s counter also ended unchanged on Monday at S$0.37, prior to the bourse filing.
