On March 22, GLONGHUI | Ruifeng New Energy (00527.HK) announced that the Group expects to record a reduction in comprehensive losses for the year ending December 31, 2023, from an annual comprehensive loss of about RMB 162 million in 2022 to a comprehensive loss of no more than RMB 100 million this year.
Subject to implementation of the Group's full-year results for the current year, the Board of Directors believes that the improvement in financial performance for the year is mainly due to: (i) an increase in revenue of approximately RMB39 million (2022: RMB 304 million); (ii) unconfirmed impairment losses on property, plant and equipment (FY2022: RMB20.583 million); and (iii) a reduction in financing costs of approximately RMB 13 million (2022: RMB 156 million).