China HK Power (00931.HK) announced that the group is expected to incur a loss attributable to owners of the company of HKD 110 million to HKD 150 million in the 2024 financial year, while the loss attributable to owners of the company as of March 31, 2023 is about HKD 167 million.

The board of directors believes that the expected decrease in losses is mainly due to: (i) generating gross profit of approximately HKD 63 million in the 2024 financial year, compared to a gross loss of approximately HKD 16 million in the 2023 financial year; (ii) recording non-recurring losses of approximately HKD 18 million from the disposal of construction in progress in the 2024 financial year; and (iii) a one-time fine of approximately HKD 39 million provided for in the 2024 financial year with respect to the aforementioned legal disputes.