SUNCORP TECH issued a profit warning, expecting an annual loss of approximately HKD 46 million
SUNCORP TECH issued a profit warning, expecting an annual loss of approximately HKD 46 million for the year ending December 31, 2024, compared to a profit of approximately HKD 40 million for the same period in 2023. The loss is mainly due to a provision for credit loss impairment of approximately HKD 27 million and a decrease in other income
According to the Zhitong Finance APP, SUNCORP TECH (01063) announced that it expects the group to incur a loss of approximately HKD 46 million for the year ending December 31, 2024, compared to a profit of approximately HKD 40 million for the year ending December 31, 2023. The shift from profit to loss is mainly due to (1) an expected credit loss impairment provision of approximately HKD 27 million for the year ending December 31, 2024, while an expected credit loss impairment reversal of approximately HKD 18 million was recognized for the year ending December 31, 2023, and (2) other income of approximately HKD 3,000 for the year ending December 31, 2024, compared to a gain of approximately HKD 29 million from the sale of subsidiaries for the year ending December 31, 2023
