Medinet Group (08161) announced that it is expected to incur a pre-tax loss of no less than HKD 8 million for the year ending March 31, 2024, and a pre-tax loss of approximately HKD 25.5 million for the year ending March 31, 2023.

The announcement stated that the expected loss reduction is mainly due to the impairment loss of approximately HKD 1.9 million (HKD 17.6 million for the year ending March 31, 2023) recognized by the subsidiary, Hang Hing Limited, engaged in providing dental services during the reporting period; and the impairment loss of approximately HKD 0.9 million (HKD 9 million for the year ending March 31, 2023) recognized during the reporting period for property, plant and equipment as well as the right to use assets. The net reduction of the above impairment losses is a total of HKD 14.8 million, which will lead to a decrease in the group's losses for the reporting period compared with the previous year.