Gelonghui, May 10, 丨 Baoguang Industrial (00084.HK) announced that the Group expects that the company's equity holders will record no less than HK$470 million in net consolidated profit for the year ended March 31, 2024 (“Fiscal Year 2024”), while the consolidated net profit for fiscal year 2023 is HK$50.8 million.

The net consolidated profit is expected to be recorded in the 2024 fiscal year due to the completion of the sale of a Swiss subsidiary and confirmed proceeds from the sale of watch inventory totaling approximately HK$559.3 million. In the fiscal year 2023, a confirmed sales revenue of HK$78.7 million was recorded as a result of the completion of the sale of a Hong Kong property, and a revaluation income of HK$14.8 million was recorded for investment properties. Excluding sales proceeds and revaluation gains in 2023, the Group would have recorded a net loss of HK$42.7 million. Excluding sales proceeds in 2024, the Group is expected to record a consolidated net loss in fiscal year 2024, which is expected to be higher than the adjusted loss in 2023. The revenue for fiscal year 2024 fell approximately 8% year-on-year.