According to the Zhitong Finance App, Huitao Group (08238) issued an announcement. It is estimated that the group will achieve an annual loss of not less than HK$70 million, while an annual profit of about HK$10 million for the year ended December 31, 2023.

Losses for the year ended 31 December 2023 were mainly due to reduced revenue due to a decline in demand in the publication and advertising business and billboard advertising business; recognition of impairment losses under anticipated credit losses; loss from early termination of licenses; and provision for contractual obligations relating to the Group's liabilities for the use of billboard advertising space.