SINOHOPE TECH announces annual performance with a net loss of approximately HKD 2.87 per share, a YoY increase of 43.92%.
SINOHOPE TECH has announced its annual performance for the year ending September 30, 2023. The operating income from continuing operations decreased by 68.7%, gross profit decreased by 90.6%, and the company's attributable loss to owners expanded by 43.92%. The loss is mainly due to increased expenditure on developing new businesses, the inability to withdraw assets from the cryptocurrency exchange FTX, and one-time expenses caused by human resources restructuring and cost management plans.
Zhitong App News: SINOHOPE TECH (01611) has announced its annual performance for the year ending September 30, 2023. The revenue from continuing operations was approximately HKD 2.834 billion, a decrease of 68.7% YoY. The gross profit was HKD 10.389 million, a decrease of 90.6% YoY. The loss attributable to owners of the company was approximately HKD 2.87, an increase of 43.92% YoY. The basic and diluted loss per share was HKD 0.9194.
According to the announcement, the loss was mainly due to increased expenses in developing new business, the inability to withdraw cryptocurrency assets from the cryptocurrency exchange FTX, resulting in impairment loss provisions of approximately HKD 86 million, and employee severance costs and one-time expenses of approximately HKD 15 million due to the company's human resources restructuring and cost management plan.