Glonghui, Feb. 5 | Futian Industrial (00420.HK) announced that the company is expected to record a profit before income tax of HK$70 million to HK$110 million for the year ended December 31, 2023, and net profit attributable to the company owner of about HK$25 million to HK$55 million; while the loss before income tax expenses for the year ended 31 December 2022 is approximately HK$20.2 million, and the net loss attributable to the company owner is approximately HK$115.5 million.

For the year ended 31 December 2023, the net profit attributable to the company's owners was mainly due to a one-time profit of approximately HK$196 million recorded during the year from the sale of land use rights located at No. 12, Xiaoshan Road West District, Jiangyin City, China, in accordance with the land expropriation agreement signed between Jiangyin Fuhui Textile Co., Ltd. (the company's indirect wholly-owned subsidiary) and the Chengdong Subdistrict Office of the Jiangyin Municipal People's Government on November 19, 2023.