TechFlow reports that on December 13, Hong Kong-listed company Sino-Group Technology released a positive profit forecast for the year ended September 30, 2024, stating it expects to turn a profit, recording a net profit of approximately HK$60 million. This compares to a net loss of about HK$289 million during the same period in 2023.
Sino-Group Technology noted that the expected net profit is primarily attributable to gains of approximately HK$96.3 million from the disposal of claims against FTX completed in June and the reversal of impairment provisions; ongoing cost management leading to a roughly 44% reduction in administrative expenses compared to last year; and increased performance fee income and management fee income due to rising virtual asset prices and an increase in total managed fund assets, contributing to a gross profit growth of approximately HK$34 million.
