Huscoke Holdings (00704) announced that the group is expected to incur a loss of approximately HKD 34 million for the year ending March 31, 2024, while it gained a profit of approximately HKD 1.25 billion in the same period in 2023.

The announcement stated that the reason for the loss was mainly due to the closure of the original 4.3-meter coke oven in the company's 2022/23 fiscal year according to the Shanxi Provincial Government's policy requirements. The company's existing two 7.1-meter high carbonization chamber coke ovens have not yet been put into operation as the third-party construction progress of the production supporting and public auxiliary facilities, promised by the company, has been slow. Therefore, the revenue for this fiscal year mainly came from the partial completion of processing and trade income before the end of the financial year. Meanwhile, in the 2022/23 fiscal year, the company obtained a one-time other income from the sale of a subsidiary indirectly holding 90% equity, while there was no other income from asset disposals in this fiscal year.