Gronghui May 27 丨 Xinyaolai (00970fufortunesmegawaysslot.HK) announced that the company expects to record a loss attributable to company owners of approximately HK$170 million for the financial year ending March 31, 2024 (excluding impairment of goodwill, impairment of inventories, and changes in fair value of investment properties and investment in films and TV programsfufortunesmegawaysslotIn the previous year, a loss attributable to company owners of approximately HK$53 million was recorded.
The Board of Directors believes that the increase in expected losses attributable to owners of the company is mainly due to the decrease in the Group's revenue and gross profit of approximately 18% and 34% respectively for the 2024 fiscal year. The decrease in the Group's revenue and gross profit was mainly due to the continued weak market sentiment and fierce competition in the Group's automotive business in FY2024, which led to a decline in expected revenue and a significant drop in gross profit margin for this business segment of the Group.