Singapore-based workforce solutions provider Singasia Holdings (8293: HKG) announced that, based on the preliminary review of the unaudited consolidated management accounts of the group for the year ended 31 July 2023, the group expects to record a net profit of not less than approximately SGD 400,000 (USD 291,682) for the year ended 31 July 2023 as compared to the net loss of approximately SGD 1.71 million (USD 1.25 million) for the year ended 31 July 2022.

Based on the relevant information currently available to the company, the board considers that the increase in net profit was mainly attributable to an increase in demand from existing and new customers in Singapore; an increase in other income due to received under the Jobs Growth Incentive and other wage support programs which was introduced by the Singapore Government to help businesses; and lower administrative and operating expenses as the Singapore operations embarked on cost-savings measures.

As at the date of this announcement, the company is still in the course of finalising its annual results of the group for FY2023.