According to the Zhitong Finance App, Fangzheng Holdings (00418) issued an announcement. The Group expects to obtain profit attributable to company owners of not less than HK$55 million for the year ended December 31, 2023, while profit attributable to company owners was approximately HK$34.75 million compared to the year ended December 31, 2022.
According to the announcement, this increase in profit was mainly due to the following net effects: (i) a reduction in employee expenses included in sales and distribution expenses due to a reduction in the number of employees and severance pay; (ii) a reduction in exchange losses; and (iii) a one-time benefit from the loss of loan impairment provisions entrusted by Peking University Fangzheng Group Co., Ltd. in 2022 and the return of deferred tax assets due to depreciation of assets due to depreciation of assets.