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DeTai New Energy Group Forecasts Wider FY22 Loss; Shares Slip 5%

MT Newswires ·  09/27 14:26

02:24 AM EDT, 09/27/2022 (MT Newswires) -- DeTai New Energy Group (HKG:0559) expects net loss in the year ended June 30 to widen to HK$130 million ($16.6 million) to HK$140 million from HK$37 million in the year prior, according to a bourse filing on Monday.

The wider loss was mainly due to the written down of inventories on the liquor and wine business of HK$27 million, a fair value loss of HK$70 million, and an impairment loss on loans receivable of HK$13 million.

DeTai's annual results are expected to be released by end-September.

Shares of the hotel hospitality business slipped 5% in recent trade.

Price (HKD): $0.02, Change: $0.00, Percent Change: -5.26%

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