Zhitong Financial App News, China Environmental Resources (01130) announced that the group's audited consolidated loss for the year ended June 30, 2023 is expected to increase by no less than 130% compared with a loss of about HK $14.8 million for the same period in 2022.
According to the announcement, the increase in loss was mainly due to a decline in income, resulting in a decrease in gross profit to about HK $15 million; mainly due to an exemption of about HK $5.9 million for other payables and a gain of about HK $3.6 million from the sale of property, plant and equipment, resulting in an increase in other income to about HK $11.5 million; the fair value loss of investment properties was about HK $1.9 million; and the loss from changes in the fair value of biological assets minus the cost of sale was about HK $16.6 million. The fair value change gain of investment at fair value included in profit or loss is approximately HK $500000; the provision for impairment loss on right-to-use assets is reversed to approximately HK $3.6 million; the provision for impairment loss on receivables is approximately HK $4.5 million; and the conversion of income tax expenses to income tax credit is approximately HK $4.9 million.