00218.HK announced that in the first half of 2023, the company's revenue increased 28% to HK $361 million compared with the same period last year. The Group recorded a pre-tax loss of HK $70.89 million, compared with a pre-tax loss of HK $128 million in the first half of 2022, a loss of HK $71.34 million attributable to shareholders and a loss of HK $123 million attributable to shareholders in the first half of 2022.
The loss during the reporting period was mainly due to the decrease in fee and commission income as a result of the continued market turmoil, the higher cost of capital during the interest rate increase cycle, and the provision for expected credit losses on bond products in institutional services and trading business, and the expected credit loss was not actually incurred. This accounting adjustment has a slight impact on the financial situation of the company, and all the operations of the company are normal.