Pangaea Connect (01473.HK) announced on October 15th that the group expects to record a net profit of not less than 140 million Hong Kong dollars for the six months ending September 30, 2024, compared to a net loss of approximately 140 million Hong Kong dollars in the same period last year.

The group expects the unaudited comprehensive after-tax net profit to turn from loss to profit, mainly due to a significant increase of over 70% in revenue to approximately 600 million Hong Kong dollars for the six months ending September 30, 2023. The increase in revenue is consistent with the increase in sales and gross margin resulting from the increase in sales of artificial intelligence (AI) products, and the significant increase is due to strong market demand.