GRP’s FY2026 Loss Deepens After Audit Adjustment: What Dividend Investors Should Watch

GRP Limited (SGX: BLU) has revised its results for the year ended 30 June 2026. In an announcement on 6 October, the company said a further provision for delays at its affordable housing project in Perak, Malaysia, had increased its audited group loss. For shareholders focused on dividends, the correction adds to a concern already visible in the August results: the company is using cash to finish the project and has declared no FY2026 dividend. [S1, p. 1] [S2, p. 26]

What the audit changed

The additional provision for liquidated and ascertained damages, or compensation arising from project delays, reduced audited revenue and gross profit by S$660,000 each against the unaudited figures. The group’s loss for the year widened from S$3.008 million to S$3.668 million. The loss attributable to GRP’s owners rose from S$1.886 million to S$2.348 million; the rest of the increase in group loss was attributable to non-controlling interests. These are audited-versus-unaudited comparisons for the same financial year, not a year-on-year deterioration. [S1, p. 1] [S1, p. 2]

On the balance sheet, provisions increased from S$9.898 million to S$10.564 million, and equity attributable to owners fell from S$27.160 million to S$26.692 million. GRP also moved S$165,000 from contract liabilities to other payables, a reclassification that did not itself increase total current liabilities. [S1, p. 2]

GRP linked the extra damages provision to further delays in the first two phases of the Perak project. Its October announcement shifted expected completion of Phase 1 from end-August to end-October 2026, and Phase 2 from end-November to end-December 2026. Those are the company’s revised expectations, not confirmations that either phase has been completed. [S1, p. 1]

Cash was already under pressure

The August unaudited cash-flow statement showed S$6.474 million of net cash used in operations in FY2026, compared with S$6,000 in FY2025. It recorded S$4.686 million of cash use under development property expenditure and S$4.645 million under contract assets, reflecting cash tied up as the project progressed. Cash and cash equivalents ended June 2026 at S$10.927 million, down from S$17.506 million a year earlier. These cash-flow figures come from the unaudited release; the October correction did not provide an audited cash-flow statement. [S2, p. 4] [S1, p. 1]

There is a distinction between the audit adjustment and that cash use. The new damages provision worsens reported profit and liabilities, but the correction does not say that S$666,000 was paid out in cash during FY2026. The audited annual report, which GRP said would follow, is needed to check the final cash-flow presentation. [S1, p. 1] [S1, p. 2]

What it means for the dividend

In August, GRP said it had declared no dividend for FY2026 because it was loss-making. It also said it had no formal dividend policy and intended to preserve cash and bank balances while completing the first two project phases. The October correction does not announce a new dividend decision. [S2, p. 26] [S1, p. 1]

The immediate dividend answer is therefore unchanged: there is no FY2026 payout in the supplied announcements. The deeper audited loss, larger provision and later project timetable make completion progress and cash use the figures to watch. Investors can look to the audited annual report for final cash-flow details and to later project updates for evidence that the revised milestones have been met. [S1, p. 1] [S1, p. 2] [S2, p. 26]