Coastal Greenland Limited (HK:1124) has released an update.
Coastal Greenland Limited announced significant impairment losses on receivables, amounts due from associates, and interests in a joint venture due to factors including government policy changes, non-profitable projects, and an industry downturn. The impairments were attributed to difficulties in recovering funds from dormant or financially weak counterparties, with efforts outweighed by the costs and resources needed for legal actions. The dire financial status of these entities and the lack of recovery prospects prompted the company to make these adjustments for the fiscal year ended 31 March 2024.
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