PEGASUS INT'L issued a profit warning, expecting a pre-tax loss of USD 1.5 million for the fiscal year 2024
PEGASUS INT'L issued a profit warning, expecting a pre-tax loss of USD 1.5 million for the fiscal year 2024, a significant decline from the pre-tax profit of USD 120,000 in the same period of 2023. The loss is mainly due to the sluggish property market in China, with an expected fair value loss of approximately USD 2.8 million on investment properties. Nevertheless, the board stated that the overall operations and cash position of the group remain robust, and the fair value loss is a non-cash item that does not affect cash flow, with an expected cash position of approximately USD 8.8 million as of December 31, 2024
According to the Zhitong Finance APP, PEGASUS INT'L (00676) announced that the group expects to incur a pre-tax loss of USD 1.5 million for the year ending December 31, 2024, compared to a pre-tax profit of USD 120,000 for the same period in 2023. The expected loss is mainly due to the sluggish property market in China, with the group's investment properties anticipated to incur a fair value loss of approximately USD 2.8 million during this period.
The board believes that the group's overall operations and cash position remain robust, as the fair value loss is a non-cash item and will not impact the group's cash flow and operations; the group's cash position as of December 31, 2024, is still approximately USD 8.8 million
