It stemmed from the healthcare segment’s impairment loss on machines.
Investment firm, Aspen Group Holdings, explained to the bourse that it had to adjust operating expenses due to impairment loss on machinery by the healthcare segment.
The Singapore Exchange asked the listed firm regarding its increase of administrative and other operating expenses in the past 18 months that ended 30 June 2022 by $32.650m and $28.558m respectively since 30 June 2021.
The firm explained that the impairment loss was valued at RM31.8m due to significant scale down of operation and loss on disposal of associates worth RM16.9m.
The bourse also asked about Aspen’s trade and other receivables which went up by $24.227m even though revenue declined by $26m for the 18 months ended 30 June 2022.
To which, Aspen said the receivables is on the back of an increase in trade receivables from the property development segment due to the release of the stakeholder sum.