Four Seas Mer (00374.HK) announced on June 21st that the group is expected to record a comprehensive excess profit of HKD 32,000,000 to HKD 37,000,000 attributable to shareholders for the year ending March 31, 2024, while the previous year recorded a comprehensive excess profit of approximately HKD 41,000,000 attributable to shareholders.

The decline in excess profit was mainly due to the fact that the company's subsidiary in Japan, Miyata Co., Ltd., did not receive a one-time refund of approximately HKD 39,000,000 net amount last year (the refund was due to excessive payment of taxes in previous years) and did not receive a pandemic assistance subsidy from the Hong Kong government of about HKD 21,000,000 this year. Such refunds and subsidies no longer exist in this year.

Despite the absence of refunds and subsidies, due to the improved profitability of the group after the pandemic, the excess profit attributable to shareholders of the group generated from core business is expected to increase. At the same time, the group's products and services are popular with consumers, highlighting the competitive advantages and consolidating the group's market position.