Zhitong Financial APP News, Wanma Holdings (06928) announced that the group's net loss is expected to increase by about S $8 million in the first half of 2023, compared with a net loss of S $688000 in the same period in 2022.
The announcement said that in addition to the reasons for the previous announcement, the increase in net loss was mainly attributable to an impairment loss on the investment of associates of about S $6.4 million, which was related to the acquisition of a 49 per cent stake in Ocean Dragon Group Limited in 2022. According to the assessment of the board of directors, the board believes that the group is unlikely to recover value from the target company because the company is unable to obtain its nature, so its investment in the target group will be fully impaired.