On March 8, GLONGHUI Group (00585.HK) announced that the company expects to record a loss of approximately HK$13,000,000 to HK$20,000,000 before tax in the 2023 fiscal year, and a loss of approximately HK$11,000,000 before tax in the same fiscal year 2022.
The expected increase in the Group's pre-tax losses for fiscal year 2023 is mainly due to the following factors: (i) a decrease in interest income on loans receivable due to the slowdown in debt lending business in fiscal year 2023; and (ii) an increase in unrealized losses classified as changes in the fair value of financial assets held for trading.