CROSSTEC (03893) Issues Profit Warning, Expects Annual Consolidated Net Loss to Widen to Approximately HK$27-29.9 Million

Stock News09-26

CROSSTEC (03893) announced that compared to the consolidated net loss of approximately HK$13 million for the year ended June 30, 2024, the group expects to record a consolidated net loss of approximately HK$27 million to HK$29.9 million for the current year ending June 30, 2025.

The board of directors believes that the increase in the group's consolidated net loss for the current year is primarily attributable to: (a) a decrease in gross profit of approximately HK$5.5 million for the current year; (b) a reduction in gains from early lease termination of approximately HK$4 million for the current year; (c) the existence of gains from waived trade payables of approximately HK$2 million for the year ended June 30, 2024, while no such gains were recorded in the current year; and (d) an increase in financing costs of approximately HK$2.3 million for the current year.

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