Intercontinental Aerospace Science and Technology (01725) announced that the group expects the financial year ending December 31, 2023...
According to the Zhitong Finance App, Intercontinental Aerospace Technology (01725) announced that the group expects to achieve an estimated net loss of no less than RMB 218 million for the fiscal year ending December 31, 2023 (fiscal year 2023), and a net loss of approximately RMB 154 million for the fiscal year ending December 31, 2022 (fiscal year 2022).
According to reports, the estimated increase in net loss is mainly due to: (1) increased usage asset depreciation expenses and management expenses of the aerospace business (that is, leases made by the advanced manufacturing center located in Tseung Kwan O Industrial Estate, Hong Kong, China to establish the Hong Kong Satellite Manufacturing Centre and the Hong Kong Satellite Operation Control and Application Centre); (2) increased employee welfare expenses due to the anticipated expansion of the aerospace business; (3) expenses relating to the issuance of convertible stock notes; and (4) impairment losses on certain properties, plants and equipment. The Board of Directors hereby informs the shareholders and investors of the Company that expenses and impairment losses relating to depreciation, convertible notes are mainly due to accounting processing and are non-cash. If these three projects are not taken into account in fiscal year 2023 and fiscal year 2022, the Group's losses in fiscal year 2023 are expected to increase slightly by about 1.7% compared to the same period last year.