IBO TECH announced that for the fiscal year 2024, the loss attributable to the company's owners is expected to be approximately 804 million yuan, an increase of about 2.3 times year-on-year
IBO TECH announced its full-year results for the period ending March 31, 2024, with revenue of approximately 199 million yuan, a year-on-year decrease of 78.1%. The loss attributable to the company's owners was approximately 804 million yuan, a year-on-year increase of about 2.3 times. The loss was primarily due to a significant decline in sales of smart terminal products and negative impacts arising from the liquidation application. The main reasons for the loss include impairment provisions for receivables from subsidiaries, rising sales costs, and credit impairment losses
According to the Zhitong Finance APP, IBO TECH (02708) announced its annual results for the year ending March 31, 2024, with revenue of approximately RMB 199 million, a year-on-year decrease of 78.1%. Gross profit was approximately RMB 7.18 million, a year-on-year decrease of 92.4%. The loss attributable to shareholders was approximately RMB 804 million, a year-on-year increase of about 2.3 times; basic loss per share was approximately RMB 1.149.
The announcement stated that the decrease in revenue was mainly due to a significant decline in sales revenue from smart terminal products, and the company's liquidation petition triggered a series of negative chain reactions, severely affecting the normal development of the business.
The loss was mainly attributed to: (i) impairment losses of approximately RMB 667 million on receivables from discontinued subsidiaries (2023: zero); (ii) cost of sales and services provided was approximately RMB 192 million (2023: approximately RMB 813 million); (iii) net impairment losses under the expected credit loss model of approximately RMB 112 million (2023: approximately RMB 151 million); (iv) financial costs of approximately RMB 19.61 million (2023: approximately RMB 19.75 million); (v) total R&D and administrative expenses of approximately RMB 43.59 million (2023: approximately RMB 98.96 million); and (vi) other net losses of approximately RMB 7.21 million (2023: approximately RMB 54.59 million)
