On March 1, GLONGHUI | Zhi Haoda Holdings (01707.HK) announced that compared with a consolidated net loss of approximately HK$31.7 million for the year ended 31 December 2022, the Group is expected to record a consolidated net loss of approximately HK$14.5 million to approximately HK$18.5 million for the year ended 31 December 2023.

The main reason for this projected decrease in net loss is due to a reduction in impairment losses in recognition of other accounts receivable (including material costs, subcontract fees and expenses paid on behalf of a joint venture) in 2023, and a confirmed impairment loss of approximately HK$16.4 million in 2022 due to financial difficulties experienced by the joint venture.