Gelonghui August 18Time Fortune Investments (01049.HK) announced that it expects the Group to recognise a net loss of between HK $55 million and HK $60 million in the six months ended June 30, 2023, while a net profit of approximately HK $4.3 million in the first half of 2022.
In October 2022, the group acquired a 21.08 per cent stake in CASH Financial Services Group Limited (time Financial Holdings Limited) ("time Financial") (stock code: 510), which was 39.41 per cent owned by the company prior to the acquisition. Since then, time Financial has become a subsidiary of the company and its performance has been consolidated in the Group's financial statements..
In the first half of 2023, Hong Kong continued to face economic challenges due to the deterioration of the global economy and rising geopolitical tensions. Although novel coronavirus restrictions on visitors to Hong Kong have been lifted and the border between China and Hong Kong has been fully reopened, huge inflationary pressures have led to higher interest rates and fewer transactions in the property market and lower household disposable income. this has led to a downturn in overall market sentiment.
The Group's net loss in the first half of 2023 included (I) a loss in retail business ranging from HK $30 million to HK $34 million, compared with a net profit of approximately HK $1 million in the first half of 2022; (ii) a decrease in profit from its asset management business; and (iii) an increase in losses through its other financial services businesses as compared to the loss attributable to an associate based on the Company's equity interest in MF Financial in the first half of 2022. Apart from the above, there are no other significant projects that caused the Group to record a net loss in the first half of 2023.