Zhitong Financial App News, China Investment and financing (01226) released its results for the year ended March 31, 2023. The group made a profit of HK $3.592 million, down 19.79% from the same period last year; the loss attributable to the company's owners was HK $41.152 million, up 486.38% from the same period last year; and the loss per share was HK10.92 cents.
The increase in net loss was mainly attributable to changes in the Group's listed investment performance and the assessment of expected credit losses. The Group recorded a net loss of approximately HK $100000 on listed investments in the previous year and approximately HK $30.7 million in the current year. In terms of the assessment of expected credit losses, the Group recorded an impairment loss of about HK $8.7 million in the previous year, while the Group recorded an impairment loss of approximately HK $1.2 million in the current year. Taking into account unrealized losses on unlisted investments of approximately HK $2.4 million (2022: approximately HK $8.7 million), administrative expenses of approximately HK $9.9 million (2022: approximately HK $10.7 million) and other expenses, the Group recorded a net loss of approximately HK $41.2 million (2022: approximately HK $7 million) for the year.