Sinofortune Financial Holdings Limited provided earnings guidance for six months ended 30 June 2023. For the period, the company expects loss of approximately HKD 13.6 million for the six months ended 30 June 2023 as compared to the loss of approximately HKD 13.5 million as recorded in the corresponding period in 2022. The Board noticed that although the Group recorded a revenue of approximately HKD 83.4 million for the Reporting Period, as compared to approximately HKD 58.4 million for the corresponding period in 2022, the increase in turnover was mainly due to the increase in the sales of motor vehicles and provision of agency services business operated in the PRC. As the selling price of the existing stocks had been marking down leading to the low margin profit, the profits under this business segment had not improved when facing the rising overhead cost and high finance costs
which has almost offset the revenue gain during the Reporting Period.