GLONGHUI March 22 | China Star Group (00326.HK) announced that the Group expects to record a comprehensive loss of HK$260 million to HK$320 million for the year ended 31 December 2023, compared to HK$94.12 million for the same period ended 31 December 2022.

The sharp increase in losses was mainly due to a sharp increase in financing costs to about HK$143 million due to an increase in interest rates on Group bank loans during the year; property sales and multimedia and entertainment operations generated more marketing and sales expenses, which increased about 6 times compared to HK$11.111 million for the year ended 31 December 2022, and other operating expenses increased by about 2 times compared to HK$20.576 million for the year ended 31 December 2022. This loss was offset by an increase in gross profit from property development and investment operations and multimedia and entertainment operations.