Perfect Group International Expects to Book Losses on Gold Futures Contracts for Fiscal 2024

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Perfect Group International Expects to Book Losses on Gold Futures Contracts for Fiscal 2024

MT Newswires Live01-14

Perfect Group International (HKG:3326) expects to book realized and unrealized losses of HK$4.8 million and HK$0.9 million on the gold futures contracts for fiscal 2024, respectively, a Monday Hong Kong bourse filing said.

The company entered into certain gold futures contracts in April 2024 to hedge and mitigate against the gold price fluctuations in the gold inventories it held.

Perfect Group also has started to divest its interests in the jewelry business in China due to the macroeconomic environment and market contraction in the country in the second half of 2024.

The company also expects to log impairment losses on held properties in the Perfect Group Jewellery Industry Park for the fiscal 2024.

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