Top Spring (03688) announced that it expects a net loss of approximately 400 million Hong Kong dollars for the six months ended June 30, 2023, compared to a net profit of approximately 4 million Hong Kong dollars for the same period last year.
According to the announcement released by Top Spring (03688), the group is expected to incur a net loss ranging from approximately 0.5 billion Hong Kong dollars to 0.6 billion Hong Kong dollars for the six months ended June 30, 2024, compared to a net profit of approximately 4 million Hong Kong dollars for the same period last year.
The board of directors believes that the main reason for the shift from profit to loss in the group's mid-term performance expectations during this period is the significant decline in gross profit due to several inventory impairments. In addition, there is an impairment loss of approximately 0.11 billion Hong Kong dollars for investments in some joint venture companies during this period, as well as a fair value loss on investment properties, while a fair value gain on investment properties was achieved in the same period last year.
