Kejin International (06822) announced that the Group expects to lose money for the year ended December 31, 2023...
According to the Zhitong Finance App, Kejin International (06822) announced that the Group expects to lose money for the year ended December 31, 2023 and profit for the year ended December 31, 2022. The main causes of losses during the year were:
(1) Earnings during the reporting period decreased by about 25% to 30% compared to last year. This was mainly due to the decline in the Group's sales during the reporting period, as well as soaring inflation and changes in consumer consumption habits, which led to the continuous contraction of the retail market for middle- and high-end pricing products in North America, which led to a further reduction in orders for the Group's North American customers (including the Group's main customers);
(2) Other losses during the reporting period rose sharply by more than 200% compared to last year, mainly due to large fair value losses in investment properties and impairment of goodwill on the Group's investment in a subsidiary company at the end of the reporting period; and
(3) Financing costs during the reporting period increased sharply by more than 100% compared to last year, mainly due to the increase in interest rates on bank loans and the increase in interest on leasing liabilities during the reporting period.
In view of the above situation and the stability of administrative, sales and distribution expenses compared to last year, the Group expects to earn losses attributable to shareholders during the reporting period, while profit attributable to shareholders last year.