On February 28, GLONGHUI Holdings (08282.HK) announced that for the year ended 31 December 2023 (“Fiscal Year 2023”), the Group expects to record a net loss of approximately HK$36 million to approximately HK$37 million in the 2023 fiscal year, while a net loss of approximately $11.1 million was recorded in the same period in 2022.
According to the announcement, the expected increase in net losses is mainly due to a 27% decrease in the Group's revenue contribution for authorized and own/co-developed mobile games compared to the same period in 2022 and confirmed impairment losses on intangible assets.