CHINA VERED FIN issued a profit warning, expecting a net profit of no less than HKD 600 million for the interim period, turning a profit compared to the same period last year
CHINA VERED FIN expects a net profit of no less than HKD 600 million within the six months ending June 30, 2025, turning a profit. The main reasons include obtaining significant investment income of over HKD 700 million, a reduction in employee costs, and a decrease in provisions for impairment of financial assets. During the corresponding period, the company had a loss of approximately HKD 20.6 million
According to the Zhitong Finance APP, CHINA VERED FIN (00245) announced that the group expects to achieve a net profit of no less than HKD 600 million for the six months ending June 30, 2025, compared to a net loss of approximately HKD 20.6 million for the corresponding period.
The turnaround from loss to profit is mainly due to (i) a significant net investment income of no less than HKD 700 million, primarily from the group's holdings in e Toro Group Limited (a company listed on NASDAQ, stock code: ETOR), which generated a net income of approximately HKD 158.8 million for the corresponding period; (ii) a decrease in employee costs and related expenses compared to the corresponding period; and (iii) a reduction in provisions for impairment of financial assets compared to the corresponding period
