Zhitong Finance App News, Zhifang International Holdings (08521) announced that the group is expected to generate a net profit of about HK$2 million in 2023 and a net loss of about HK$11 million in 2022.

According to the announcement, the expected increase in net profit is mainly due to an increase in revenue of about HK$8.9 million, due to the Group's business performance and market demand recovering from the negative impact of COVID-19; a reduction of about HK$2.2 million in administrative and other expenses, mainly due to the adoption of stricter cost control measures; there were no impairment losses on plant and equipment in the current year; and partly offset by an increase of around HK$1.6 million in impairment losses on trade receivables this year.