Summary by Futu AI
Productive Tech issued a profit warning on June 14, 2024, forecasting a net loss of approximately HKD 347.5 million for the fiscal year ended March 31, 2024, an increase of approximately HKD 125 million from the previous fiscal year. The company pointed out that despite a slight increase in equipment business revenue, the expansion of net losses was mainly due to increased research and administrative expenses, particularly non-cash expenses brought about by the rapid development of the semiconductor and solar energy industries. In addition, after a joint venture company completed financing from a third-party investor and the pre-investment equity valuation increased significantly, the company recorded a net loss in the joint venture company based on current accounting standards. Despite facing losses, Productive Tech remains optimistic about the prospects and product competitive advantages of its semiconductor industry. The audited final performance will be announced on June 28, 2024.