Jinwu Financial News | Yibang Bank Holdings (00599) issued a profit warning. It is expected that the profit before income tax for the six months ending September 30, 2023 will decrease by about 45% compared to the same period last year.
The profit warning was due to a number of increases in operating expenses and a decrease in profit before income tax: most of the decline in profit before income tax was related to depreciation of usufruct assets, particularly the $3.5 million cost of the company's kitchen equipment and furniture showroom moving to a new location in Causeway Bay. Costs associated with depreciation and maintenance of property, plant and equipment have led to a decrease in profit before income tax. Expenses relating to the company's business in China also led to a decrease in profit before income tax.