On March 22, Gaokeqiao (09963.HK) announced that compared with a loss of approximately HK$70.8 million in the same period last year, the Group expects to record a loss of approximately HK$63 million to HK$65 million for the year ended December 31, 2023.
According to currently available data, the Group's sharp decrease in net loss during the year is mainly due to the net effect of the following factors: (i) slow recovery from COVID-19 and weak economic conditions, leading to lower sales revenue; (ii) higher foreign currency exchange losses due to exchange rate fluctuations between RMB, Thai baht, US dollar and Hong Kong dollar; (iii) increased raw material purchase deposits, long-term prepayments, and impairment losses on real estate, plant and equipment; and (iv) the return of impairment losses on accounts receivable and other accounts receivable.