Xinhuo Technology: Affected by FTX, the net loss for the year ending September 30 is expected to be no less than HK$280 million
On December 14th, the Hong Kong-listed company Xinhua Fire Technology issued a profit warning for the period ending September 30, 2023, stating that based on the preliminary review of its unaudited comprehensive management accounts and currently available information, Xinhua Fire Technology is expected to record a net loss of no less than approximately HKD 280 million for the year ending September 30, 2023, compared to a net loss of approximately HKD 200 million in the same period last year.
The report stated that the increase in net loss was mainly due to the inability to extract cryptocurrency assets from the cryptocurrency exchange FTX for impairment loss provisions of approximately HKD 86 million, as well as expenses for employee severance and one-time company personnel restructuring, and cost management plan-related expenses of approximately HKD 15 million.
In addition, Xinhua Fire Technology also announced that it will hold a board meeting on December 28th to review, approve, and announce the annual performance for the year ending September 30, 2023.
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