FRIENDSHIP TIME CO., LTD. (“FRIEND TIME LIGHT”) ISSUED A PROFIT WARNING AND FORECAST THAT UNAUDITED FINANCIAL DATA FOR THE FULL YEAR TO DECEMBER 31, 2023 SHOWED THAT THE COMPANY'S REVENUE IS EXPECTED TO BE AROUND RMB1,040 MILLION TO $1,070 MILLION, DOWN FROM RMB1,524 MILLION FOR THE SAME PERIOD IN 2022. At the same time, the company expects to record a net loss of about RMB130 million to $150 million during the reporting period, while a profit of about RMB25 million for the same period in 2022. The decline was mainly due to the poor performance of the new game Durala Promotion and increased promotional expenses, the normal decline in revenue from the old game, the expected tax loss resulting in deferred tax asset depreciation, and the increase in pre...Show More

FRIENDSHIP TIME CO., LTD. (“FRIEND TIME LIGHT”) ISSUED A PROFIT WARNING AND FORECAST THAT UNAUDITED FINANCIAL DATA FOR THE FULL YEAR TO DECEMBER 31, 2023 SHOWED THAT THE COMPANY'S REVENUE IS EXPECTED TO BE AROUND RMB1,040 MILLION TO $1,070 MILLION, DOWN FROM RMB1,524 MILLION FOR THE SAME PERIOD IN 2022. At the same time, the company expects to record a net loss of about RMB130 million to $150 million during the reporting period, while a profit of about RMB25 million for the same period in 2022. The decline was mainly due to the poor performance of the new game Durala Promotion and increased promotional expenses, the normal decline in revenue from the old game, the expected tax loss resulting in deferred tax asset depreciation, and the increase in pre-launch marketing expenses for the new game “A Dream Lent”. Despite this, the new game “Ukyo Memory Lent” received a positive response after launching in a cross-platform poll on January 2, 2024, and cooperated with multiple brands and locations. The company is conducting mini-game conversion tests for several games in order to unlock revenue potential. The Board expresses confidence in the long-term development and prospects of the company and will continuously optimize resources and reduce costs. Yau Ying Time will announce full year financial results by the end of March 2024.