Glonghui March 26 | Huafu Construction Finance (00952.HK) announced that the Group's total net revenue increased by HK$374 million year-on-year from a negative HK$0.28 million in 2022 to HK$346 million in 2023. Excluding a loss of HK$218 million (2022: HK$579 million) on changes in the fair value of financial assets recorded as part of the revenue, the company's adjusted recurring revenue would be HK$564 million (2022: HK$551 million), an increase of HK$13 million year-on-year.
For the year ended 31 December 2023, the Group recorded profit before tax of HK$118 million (2022: loss before tax of HK$1,584 million). The sharp increase in profit before tax in 2023 is mainly due to improved operating performance, reduction in net investment losses, and repayment of anticipated net credit losses in the company's loan portfolio.