Summary by Moomoo AI
The Fortune Group is expected to record operating revenues of approximately $6,445.8 million in fiscal 2023, down significantly from $9,394.3 million in 2022. The decline was mainly due to a decline in global handset shipments, especially as mobile phone shipments in 2023 fell 3.2% year-on-year, reaching the lowest in a decade. In addition, the Group expects a consolidated net loss of approximately $120.8 million, an increase from a net loss of $72.1 million in 2022. The increase in the loss was primarily due to a decrease in gross profit due to lower sales, an increase in the provision for expected credit losses, increased losses and costs related to streamlining/restructuring activities, losses for joint and joint ventures, and increased net interest expense. Despite this, the Group's $101.5 million in total pre-tax earnings from a series of transactions are expected to offset a partial loss. The Board of Directors has reminded shareholders and potential investors to exercise caution when trading shares.