Summary by Moomoo AI
Mad Sports Group Limited (“Crazy Sports”) issued a profit warning, anticipating a combined net loss of no more than HK$30 million for the year ended 31 December 2023, compared to a net profit of approximately HK$18 million for the same period in 2022. The loss was primarily due to a decrease in other income, including a lack of divestiture income from subsidiaries and a significant decrease in financial investment dividend income. In addition, due to the lack of major sporting events and the uncertain outlook for the gaming industry, Group revenue is expected to decline by approximately 25% to 30% compared to last year. Despite the challenges, Madness Sports said it will strengthen the development of its sports knowledge paid platform and new sports lottery retail services, and introduce data analytics and artificial intelligence technologies to achieve long-term sustainable growth. The Board of Directors is optimistic about the long-term growth potential and will announce full year results by the end of March 2024.