YING HAI GROUP issues a profit warning, expecting a significant increase in the loss attributable to shareholders for the fiscal year 2024
YING HAI GROUP issued a profit warning, expecting a significant increase in the loss attributable to shareholders for the fiscal year 2024, with an estimated loss not exceeding approximately HKD 11 million, a substantial rise from about HKD 2.5 million in the fiscal year 2023. The board of directors pointed out that the increase in loss is mainly due to rising administrative expenses, including increased salary expenses, a decrease in the fair value of investment properties, and recognized impairment losses
According to the announcement from YING HAI GROUP (08668), the group expects that the loss attributable to the owners of the company for the fiscal year 2024 will significantly increase compared to the year ended December 31, 2023. The expected loss attributable to the owners of the company for the fiscal year 2024 will not exceed approximately HKD 11 million, while the loss attributable to the owners of the company for the fiscal year 2023 was approximately HKD 2.5 million.
The board of directors believes that the significant increase in the expected loss for the fiscal year 2024 is mainly due to increased administrative expenses, which are primarily driven by higher salary expenses; a decrease in the fair value of investment properties; and impairment losses (net) recognized based on the expected credit loss model
