COME SURE GROUP (Holding) expects annual pre-tax net loss to decrease by no less than 40% year-on-year
COME SURE GROUP (Holdings) expects that the annual pre-tax net loss for the year ending March 31, 2025, will decrease by no less than 40%, showing improvement compared to approximately HKD 14.65 million for the same period in 2024. The reasons for the reduction in losses include increased other rental income from rent concessions, a one-time VAT refund, relocation compensation, as well as effective cost control measures and a reduction in bank borrowings, leading to a decrease in financial costs
According to the announcement from COME SURE GROUP (Holdings) (00794), the group expects to achieve a pre-tax net loss for the year ending March 31, 2025, which will be reduced by no less than 40% compared to the pre-tax net loss of approximately HKD 14.65 million for the year ending March 31, 2024.
It is reported that the reduction in pre-tax net loss is mainly due to rent concessions leading to an increase in other rental income, resulting in other income increasing by over 500% for the year ending March 31, 2025 (2024: other income approximately HKD 2.9 million), a one-time VAT refund obtained under China's tax policy arrangements, and a one-time relocation compensation made by the owner for the government-led Tangxia Chong community reconstruction evacuation arrangement. This was mainly offset by a decrease of approximately 100% in other income and losses for the year ending March 31, 2025 (2024: other income and losses approximately HKD 24.97 million) due to fair value gains from investment properties arising from the previous Huizhou production base being converted into investment properties for the year ending March 31, 2024. Additionally, effective cost control measures implemented by the group, including the integration of production lines in the Dongguan factory and reduced shipping expenses, led to a decrease of approximately 10% in selling and administrative expenses (2024: selling expenses approximately HKD 59.07 million and administrative expenses approximately HKD 77.58 million); and a reduction of approximately 20% in financial costs due to decreased bank borrowings (2024: financial costs approximately HKD 27.71 million)
