According to the Zhitong Finance App, Huitao Group (08238) issued an announcement. The Group expects losses of approximately HK$23 million for the nine months ending September 30, 2023, and profit of approximately HK$12 million for the nine months ending September 30, 2022.

According to the announcement, losses for the nine months ended September 30, 2023 were due to (i) reduced revenue due to reduced demand for publications and advertising and billboard advertising; (ii) increased operating expenses; and (iii) confirmed impairment losses of approximately HK$7 million under anticipated credit losses.