TOP FORM INT'L issued a profit warning, expecting an annual net loss of no more than HKD 28 million, a year-on-year turnaround from profit to loss
TOP FORM INT'L issued a profit warning, expecting an annual net loss of no more than HKD 28 million for the year ending June 30, 2025, turning from a net profit of HKD 1.5 million in the 2024 fiscal year to a loss. The reasons for the loss include additional manufacturing costs and freight due to the shutdown of the Indonesian factory, customer support related to changes in U.S. tariff policies, fair value losses on investment properties, and fair value losses on financial assets
According to the announcement from TOP FORM INT'L (00333), the group expects to incur a net loss of no more than HKD 28 million for the current fiscal year (ending June 30, 2025), while achieving a post-tax profit of HKD 1.5 million for the fiscal year ending June 30, 2024.
The board believes that the expected loss for the current fiscal year is mainly due to (i) approximately HKD 8.4 million in additional manufacturing costs and contracting fees arising from the suspension of operations at the Indonesian factory, and approximately HKD 6.9 million in additional freight costs, as disclosed in the interim report for the six months ending December 31, 2024, (ii) customer support related to changes in U.S. tariff policies amounting to approximately HKD 8.4 million, (iii) a fair value loss on investment properties of approximately HKD 2.1 million, and (iv) a fair value loss of approximately HKD 1.6 million on financial assets measured at fair value through profit or loss
