Gelonghui, November 1, 丨 Jungao Holdings (08035.HK) announced that compared with the profit attributable to company owners of about HK$7.1 million for the nine months ended September 30, 2022, the Group expects to record losses attributable to company owners of about HK$13 million to about HK$13.5 million for the nine months ending September 30, 2023.

Losses attributable to company owners were mainly due to (i) lower freight volume and revenue from air and sea freight forwarding services due to the COVID-19 pandemic and economic recession; (ii) reduced gross profit and lower gross margin for logistics and warehousing services; (iii) reduced gross margin for e-commerce fulfillment services due to a decrease in the number of orders from several major customers; (iv) losses from life insurance policy surrender; and (v) increased financing costs due to increased interest rates on bank loans and increased interest expenses from major shareholders' loans as of 2022 9 There was no such situation for 9 months ended on the 30th of January.