Gelonghui, March 19, 丨 Baiqin Oil Service (02178.HK) announced that according to a preliminary assessment of the Group's unaudited comprehensive management accounts for the year ended 31 December 2023 and other information currently available, the Group is expected to record a loss of approximately HK$65 million to HK$75 million in the year ended 31 December 2022, while a loss of approximately HK$27.5 million was recorded, with a loss increase of about 136.4% to 172.7%.
The main reason for the increase in annual losses was due to increased losses due to impairment of goodwill of the cash generating units of the Group's consulting services and increased technical service costs associated with the provision of oil field services, but the related losses were partially offset by lower and diluted material costs and increased income from the sale of associated companies' equity.