According to the Zhitong Finance App, Zhongwei Financial (00245) announced the results for the year ended December 31, 2023. The group achieved total revenue of HK$114 million during the period, a year-on-year decrease of 53.07%; losses attributable to the owners of the company were HK$248.34 million, a year-on-year decrease of 96.02%; and a basic loss of 0.08 HK cents per share.
According to the announcement, for the year ended 31 December 2023, the Group had a loss of approximately HK$235.61 million, while in 2022 it had a loss of HK$623 million. The sharp decrease in losses was mainly due to the net impact of the following factors: net investment income of approximately HK$81.81 million for the year ended 31 December 2023, compared to a net loss of HK$447 million in 2022; reduction in anticipated credit loss provision for financial assets, which achieved approximately HK$49,389,000 for the year ended 31 December 2023 (2022: HK$175 million); a decrease in losses shared by associated companies, which achieved approximately HK$7.195 million (2022: HK$39.44 million); and reduced earnings Approximately HK$129 million.