According to the Zhitong Finance App, Dacheng Sugar (03889) issued an announcement. Compared with the net loss of approximately HK$103 million (excluding tax effects) for the period ended June 30, 2023, the Group expects to achieve net income (excluding tax effects) for the six months ending June 30, 2024, which ranges between HK$130 million and HK$170 million.
According to the announcement, the improvements were mainly due to the completion of debt restructuring agreements concluded by (i) China Cinda Asset Management Co., Ltd. Jilin Branch (as creditor), (ii) Jinzhou Yuancheng Biochemical Technology Co., Ltd. (as a debtor), and (iii) Shanghai Haocheng Food Development Co., Ltd. (all indirect wholly-owned subsidiaries of the company), which are all indirect wholly-owned subsidiaries of the company, and confirmed a one-time revenue of not less than HK$130 million. According to the debt restructuring agreement, the Group has settled the total loan amount of approximately RMB 189 million along with outstanding interest by repaying a discounted amount of approximately RMB 88 million to Jilin Cinda during this period.