Ahsay Backup (08290.HK) announced on August 2nd that the Group expects to record a net loss of no more than 1.5 million Hong Kong dollars for the six months ending June 30, 2024, while net profit of approximately 2 million Hong Kong dollars was recorded in the same period in 2023.

The board of directors believes that the main reasons for the reversal from profit to loss are (i) the lack of one-time income recognized from canceling the comprehensive accounts of a subsidiary in 2023; (ii) the decrease in revenue from online backup and information platform businesses due to global economic weakness and weak demand; and (iii) the increase in employee costs due to the average number of employees.