TRUE PARTNER (08657) announced that the Group expects as of December 3, 2023...
According to the Zhitong Finance App, TRUE PARTNER (08657) announced that the Group expects to obtain a net loss of approximately HK$60 million to HK$73 million for the year ended 31 December 2023, and a net loss attributable to the company owner of HK$33.6 million for the year ended 31 December 2022.
According to the announcement, the estimated loss for the year ended 31 December 2023 is mainly due to a reduction in earnings from HK$44.8 million for the year ended 31 December 2022 to HK$13.3 million. The overall scale of asset management for the year ended 31 December 2023 has decreased compared to the year ended 31 December 2022, and the related product structure has also changed. Please refer to the company's regular monthly documents for details. The shift in the scale of asset management mainly reflects a number of factors, including unusual changes in a number of related clients and the impact of an overall challenging trading environment. Overall, the impact of changes in the scale of asset management and product structure also includes that the expected relative contribution of management fees and performance fees to the revenue per unit of asset management scale has become more focused on performance fees rather than management fees. This combination of factors led to a decline in average earnings per unit of asset management for the year ended 31 December 2023 compared to the year ended 31 December 2022. This combination of factors also led to a decline in overall earnings for the year ended 31 December 2023 compared to the year ended 31 December 2022.