Jinwu Financial News | Li Nian International (09918) issued a profit warning. The Group expects to record a net loss of no more than HK$300 million for the year ended 31 December 2023 or no more than HK$3 million in net profit attributable to equity holders of the company, while profit attributable to equity holders of the company was approximately HK$15.1 million for the year ended 31 December 2022.
The anticipated reduction in net loss or net profit is mainly due to (1) a significant loss in the fair value of financial assets taken into account at fair value; (2) inventory provisions; (3) a significant increase in administrative expenses; and (4) an increase in net financing costs.