TechFlow news — Hong Kong-listed company Sino-Global Technology (New Fire Technology) has issued a profit warning for the period ending September 30, 2023. According to preliminary reviews of its unaudited annual consolidated management accounts and currently available information, the company expects a net loss of no less than approximately HK$280 million for the fiscal year ended September 30, 2023, compared to a net loss of about HK$200 million in the prior year.
The report attributes the increased net loss primarily to an impairment provision of approximately HK$86 million due to inability to withdraw cryptocurrency assets from exchange FTX, as well as expenses related to employee severance payments and a one-time corporate restructuring and cost management plan amounting to around HK$15 million. Additionally, New Fire Technology announced that a board meeting will be held on December 28 to consider and approve the publication of its annual results for the period ended September 30, 2023.
