Net Pacific Financial Holdings warns of higher net loss in Q4 2024

The depreciation of AUD against HKD contributed to the loss.

Net Pacific Financial Holdings expects to report a higher consolidated net loss for Q4 2024 ended 31 December 2024.

The loss is mainly attributable to foreign exchange losses from the revaluation of receivables and cash in Australian dollars (AUD), driven by AUD depreciation against HKD, and expected credit losses on other receivables.

Losses from its golf business segment also contributed, as the operating expenses outweighed the lower revenue in 2024 due to stagnant consumer spending in China and intense market competition.

Similarly, losses from its luggage business contributed to the loss, with operating costs outweighing revenue in the eight months since its acquisition in May 2024.

In addition, the company reported higher administrative expenses for the corporate office during the period due to higher directors’ fees for 2024, as well as higher compliance expenses following the expansion of its golf and luggage businesses.

Shareholders and potential investors are advised to exercise caution when dealing in the shares of the company and to consult their advisers if in doubt.