HANG TAI YUE GP issues a profit warning, expecting an annual loss of no less than HKD 78 million, turning from profit to loss year-on-year
HANG TAI YUE GP issued a profit warning, expecting an annual loss of no less than HKD 78 million for the year ending December 31, 2024, a significant turnaround from a profit of HKD 12.452 million in the same period of 2023. The loss is mainly due to the absence of the HKD 72.145 million gain from the sale of subsidiaries recognized in 2023, as well as a fair value loss on financial assets of no less than HKD 25 million recognized in 2024
According to the announcement from HANG TAI YUE GP (08081), the group expects to incur an annual loss of no less than HKD 78 million for the year ending December 31, 2024, compared to an annual profit of approximately HKD 12.452 million for the year ending December 31, 2023.
The financial decline from profit to loss is mainly due to the absence of approximately HKD 72.145 million in gains from the sale of subsidiaries recognized by the group for the year ending December 31, 2023; this gain was generated from the indication of the sale of the group's wholly-owned subsidiary, Information Technology (Shanghai) Co., Ltd., on May 31, 2023. Additionally, the group expects to recognize a net fair value loss of financial assets measured at fair value through profit or loss of no less than HKD 25 million for the year ending December 31, 2024, whereas for the year ending December 31, 2023, the net fair value loss of financial assets measured at fair value through profit or loss was approximately HKD 8.282 million
