Zhitong Finance APP Newsblockchainquizgame, Kingsoft Technology Industry (00400) announced that during the year ended March 31, 2024 (2024), the Group's operating profit improved significantly. The Group's profit for 2024 before finance costs and share of results of associates is expected to be approximately 3%blockchainquizgame.25 million to HK$335 million, while the Group's profit before finance costs and share of results of associates in 2023 was HK$167.6 million. The increase in expected operating profit is mainly due to the improvement of gross profit margin and effective cost control measures.
Based on the currently available information and the preliminary assessment of the Group's unaudited consolidated management accounts for 2024, it is expected that the Group will achieve a loss attributable to company owners of approximately HK$362 million to HK$412 million in 2024, and the profit attributable to company owners for the year ended March 31, 2023 (2023) will be HK$36.9 million. It is expected that the results in 2024 will turn from profit to loss, mainly because the Group's share of losses (including impairment losses) of Xuanyu Science and Technology Co., Ltd.(Xuanyu Science and Technology Innovation) in 2024 will range from approximately HK$407 million to HK$447 million. Xuanyu Science and Technology Innovation's impairment losses in 2024 are based on a valuation report prepared by an independent external valuer. The losses are expected to range from approximately HK$1.085 billion to HK$1.174 billion. GP Industries Co., Ltd., a subsidiary of the company with approximately 85.59% equity, holds 39.13% of the effective equity of Xuanyu Science and Technology Innovation. Therefore, the Group's share of impairment losses of Xuanyu Science and Technology Innovation in 2024 is expected to be approximately HK$382 million to HK$412 million. GP Industries Limited shares are listed on the Singapore Exchange Securities Exchange Limited.
After deducting the Group's share of Xuanyu Science and Technology Innovation losses (including impairment losses), the Group is expected to achieve a profit attributable to company owners ranging from approximately HK$35 million to HK$45 million in 2024.