Summary by Moomoo AI
Arta Techfin Limited (ARTA TECHFIN) announced a positive profit forecast on November 18, 2024, expecting a significant reduction in losses in the first half of the 2024 fiscal year. According to the board of directors' preliminary assessment, the unaudited net comprehensive loss is expected to be no less than approximately HK$18,000,000, an improvement from approximately HK$47,000,000 in the first half of the 2023 fiscal year. This expected improvement is mainly due to an increase in revenue and other income of approximately HK$13,000,000, especially the improved performance of asset management, wealth management and consulting services, insurance brokerage business, and cost-effective measures leading to an expenditure reduction of approximately HK$17,000,000. However, these positive impacts are offset in part by increases in consulting, legal, and professional fees, and other operational expenses. The company will announce detailed mid-term performance by the end of November 2024. Shareholders and potential investors should act cautiously and carefully review the announcement after the mid-term performance disclosure.
