CMGE Technology Expects to Swing to Loss in H1; Shares Down 6%

MT Newswires Live08-26

CMGE Technology Group (HKG:0302) expects to book a net loss of about 243 million yuan for the six months ended June 30, compared with a net profit of about 51 million yuan the previous year, according to a Sunday filing on the Hong Kong bourse.

The company attributed the expected loss to decreased non-operating income and gains, higher expenses due to impairment provisions of the prepaid license, and increased fair value losses.

The loss is also being attributed to decreased revenue generated for the current period compared with the previous year due to the launch of new games, with one failing to generate income.

The game development company plans to publish its interim results by the end of August.

The company's shares were down by over 6% in recent trading.

Price (HKD): $0.67, Change: $-0.040, Percent Change: -5.63%

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