Summary by Moomoo AI
INTERCONTINENTAL AEROSPACE TECHNOLOGY GROUP LIMITED (THE “COMPANY”) ISSUED A PROFIT WARNING, EXPECTING AN ESTIMATED NET LOSS OF NOT LESS THAN RMB218,000,000 IN FISCAL 2023, AN INCREASE FROM THE NET LOSS OF APPROXIMATELY RMB154,000,000 FOR FISCAL YEAR 2022. The increase in losses was primarily due to increased depreciation and management expenses for the aerospace business, increased headcount and benefits expenses, expenses related to the issuance of convertible stock notes, and impairment losses on property, plant and equipment. The Board notes that these expenses are mostly non-cash in nature and are primarily due to accounting. Excluding these non-cash expenses, the loss for the 2023 fiscal year will increase slightly compared to the same period last year. The company is conducting an annual results review for fiscal 2023 and will announce detailed annual results at the end of March 2024. Shareholders and potential investors should act with caution.
