Nan Nan Res (01229) released an announcement, and the group is expected to obtain a profit of approximately 59.04 million Hong Kong dollars after tax for the year ending March 31, 2023 (fiscal year 2023), which will be converted to a pre-tax profit of no less than 36 million Hong Kong dollars for the year ending March 31, 2024 (fiscal year 2024).
Nan Nan Res (01229) released an announcement, and the group is expected to convert a post-tax loss of approximately 59.04 million Hong Kong dollars for the year ending March 31, 2023 (fiscal year 2023) to a pre-tax profit of no less than 36 million Hong Kong dollars for the year ending March 31, 2024 (fiscal year 2024).
The group obtained a surplus in fiscal year 2024 mainly due to fair value gain of approximately 62.79 million Hong Kong dollars from zero-coupon convertible bonds with principal amount of HKD 200 million, issued in 2008 and due on March 13, 2026, which were designated as financial liabilities measured at fair value with changes in fair value recognized in profit or loss in fiscal year 2024 (fiscal year 2023: fair value loss and loss from changes in fair value approximately 116.8 million Hong Kong dollars). The fair value change of the convertible bonds is mainly due to the decline in the company's stock price in fiscal year 2024.