BYTE META expects its annual loss attributable to shareholders to significantly decrease to no more than HKD 11.5 million

According to the announcement from BYTE META (08645), the group expects that the loss attributable to equity holders of the company for the year ending June 30, 2025, will significantly decrease to no more than HKD 11.5 million, compared to a net loss of approximately HKD 28.9 million for the year ending June 30, 2024.

The board believes that the expected significant reduction in net loss for this year is mainly due to the combined effects of the following factors: (i) a reduction in administrative and other operating expenses of approximately HKD 13.1 million, primarily due to the sale of MiChong Technology Information (Shenzhen) Co., Ltd. and its subsidiaries (collectively referred to as "MiChong Group") this year; and a decrease in professional fees incurred for submitting applications for regulated activities licenses for Class 1 (securities trading) and Class 7 (providing automated trading services);

(ii) a gain of approximately HKD 5.5 million recognized this year from the sale of MiChong Group; (iii) a reduction in sales expenses of approximately HKD 3.7 million, mainly due to a decrease in employee costs for the China sales team, which is consistent with the reduction in the average number of sales personnel following the sale of MiChong Group, although this reduction was partially offset by an increase in commissions for the group's sales representatives; (iv) an increase of approximately HKD 3.1 million in share of results from investments in associates; and partially offset by the following factor (v) a decrease in gross profit of approximately HKD 8.5 million this year, despite an increase in revenue. The decrease in gross profit is mainly due to projects with high revenue but low gross margins