HINSANG GROUP issued a profit warning, expecting the annual net loss to expand to approximately HKD 49 million year-on-year
HINSANG GROUP issued a profit warning, expecting the consolidated net loss for the current year to expand to approximately HKD 49 million, an increase from HKD 36.4 million in the previous year. The loss is mainly due to a fair value change loss of approximately HKD 1.2 million in financial assets, as well as an impairment of approximately HKD 7.5 million in properties, plants, and equipment
According to the announcement from HINSANG GROUP (06893), the group expects to incur a consolidated net loss of approximately HKD 49 million for the current year, while for the fiscal year ending March 31, 2024, it expects a consolidated net loss of approximately HKD 36.4 million. The increase in the expected consolidated net loss for the year is mainly due to (i) a loss of approximately HKD 1.2 million from the fair value changes of financial assets measured at fair value through profit or loss (Fiscal Year 2023/24: income of approximately HKD 6.7 million); and (ii) an impairment of approximately HKD 7.5 million on properties, plants, and equipment (Fiscal Year 2023/24: approximately HKD 3.8 million)
