According to the Zhitong Finance App, Wanma Holdings (06928) issued an announcement. It is expected that the Group will lose about 10.6 million Singapore dollars for the year ended December 31, 2023, compared to a loss of about 1.9 million Singapore dollars last year.
The Board of Directors believes that the main reasons for the increase in losses are as follows: the cost of employee benefits increased from about SGD 3.3 million in the corresponding year to about SGD 4.6 million this year, which was due to management's salary increase as an incentive to improve the Group's business; the decline in car sales was due to a significant increase in the price of car ownership permits for newly registered passenger cars; and the Singapore Government's implementation of a policy to raise import tariffs on premium cars this year; and the investment impairment loss of about SGD 6.4 million in the joint venture, which was also due to the acquisition of Ocean Dragon in 2022 It relates to 49% of the shares of Group Limited (together with its subsidiaries, the “Target Group”). According to the Board's assessment, the Board believes that the Group is unlikely to recover any value from the target group because the company is unable to obtain its actual situation, so all investment in the target group will be reduced in value.