NOVA Group Holdings Limited provided consolidated earnings guidance for year ended June 30, 2023. For the period, the Group is expected to record a revenue of approximately HKD 41.2 million for the year ended 30 June 2023, as compared to that of approximately HKD 112.2 million for the year ended 30 June 2022 (prior year). The Group is also expected to record a net loss of not less than approximately HKD 500 million for the Reporting Year, as compared to a net loss of approximately HKD 122.9 million for the Prior Year.

The deterioration was mainly attributable to (i) the increase in the recognition of impairment losses under expected credit loss model, net of reversal by not less than HKD 360.0 million; (ii) the recognition of impairment losses on goodwill of approximately HKD 129.0 million; and (iii) the decrease in revenue and gross profit of approximately HKD 70.9 million and HKD 43.3 million respectively, as compared to the Prior Year.