ZACD Group Ltd. provided consolidated earnings guidance for the nine months ended 30 September 2022. The group anticipates to report a net loss of approximately SGD 1.0 million, as compared to a net profit of approximately SGD 6.8 million for the corresponding period in last year. The turn from profit to loss was mainly attributable to the absence of reversal of impairment losses on financial assets of approximately SGD 7.6 million in the Reporting Period.

In the Previous Period, the bridging advance extended by the Group to ZACD Australia Hospitality Fund was substantially repaid following the substantial portion of the settlement proceeds received by the fund in September 2021 and accordingly, the impairment loss of approximately SGD 7.6 million was reversed by the Group.