Gelonghui, January 31, 丨 Australian Lion Global (01540.HK) announced that the Group's profit attributable to company owners for the year ended December 31, 2023 will record an increase of 180% to 220%, compared with a profit of HK$11 million for the year ended 31 December 2022.
The Board believes that the increase was mainly due to (i) loss provisions for one-time trade and other receivables of approximately HK$15 million recorded in the previous year, mainly due to increased credit risk on other receivables after Ovato Limited appointed managers in 2022; (ii) non-recurring fair value losses of approximately HK$3 million from fair value financial asset convertible shares subscribed with Ovato Limited that include profit and loss at fair value; and (iii) Griffin Press Printing Pty Ltd (acquired from Ovato Limited in June 2022) included full-year operations, leading to an increase in sales and profit.