Everchina International Holdings (00202) announced that the group may achieve a loss of no less than approximately HKD 300 million for the fiscal year ending on March 31, 2024...
According to a statement made by Everchina International Holdings (00202), the group may incur a loss of no less than approximately HKD 300 million for the fiscal year ending on March 31, 2024, in contrast to a loss of approximately HKD 197.4 million that the Group may incur for the fiscal year ending on March 31, 2023. The significant increase in the amount of loss is mainly due to the expected significant impairment loss on the mining rights obtained this fiscal year (as of March 31, 2023: HKD 16,608,000), the expected significant loss on the fair value change of investment property this fiscal year (as of March 31, 2023: HKD 169 million), and the fair value change gain on financial assets that are not accounted for in the statement of comprehensive income this fiscal year (as of March 31, 2023: HKD 41,805,000), based on the latest available information.
The impairment loss on mining rights and the loss on fair value change of investment property come from the revaluation of relevant assets according to market value at the end of the reporting period. Since the loss is only a provision of impairment nature, it does not affect the cash flow of the group.
