Gelonghui, March 18 | Changying Group (Holdings) (00689.HK) announced that compared with a loss of approximately HK$47 million recorded in the previous year, the company expects to record a profit attributable to the company owner of not less than HK$18 million in fiscal year 2023.
The Group's earnings turned a loss into profit mainly due to (i) the repayment of anticipated credit loss of approximately HK$11 million on loans receivable and interest (FY2022: anticipated credit loss provision of HK$20 million); (ii) the reduction of anticipated credit loss provision through other debt instruments with full income at fair value to approximately HK$9 million (FY 2022: HK$11 million); (iii) the profit contribution of petroleum exploration and production operations increased to approximately HK$18 million (FY 2022: HK$4 million); (iv) due to non-acquisition Canadian Petroleum Professional expenses on assets, other expenses reduced to approximately HK$11 million (FY 2022: HK$15 million); and (iv) the combined impact of an increase in bank and other interest income to approximately HK$6 million (FY 2022: HK$1 million).