Symphony Holdings Limited and its subsidiaries informed the shareholders of the company and potential investors in the company that based on a preliminary assessment of the unaudited consolidated financial information of the Group for the six months ended June 30, 2023, and other information, the Group expects to record a net loss attributable to the owners of the company of not more than HK$95.0 million for the first half period as compared to a net loss attributable to the owners of the company of approximately HK$3.0 million in the year-ago period.
The Group owns the trademark and patent of the compression wear brand Skins and runs the brand’s global business with Itochu Corporation, a trading company in Japan, through a joint venture.
The Group also operates the Pony footwear brand in APAC countries, excluding China and Taiwan regions, with Iconix International, Inc.
Based on the preliminary assessment of the financial information available, the expected increase in net loss attributable to owners of the company for the period is attributable to:
- the decrease in fair value of investment properties,
- the fair value loss of financial assets at fair value through profit or loss,
- the increase in finance costs for the period due to the rise in Hong Kong Interbank Offered Rate, and
- the absence of a one-off gain on the disposal of the Pony brand business recorded in the prior-year comp period.
The Group said it is still finalizing its unaudited consolidated interim results for the first half.
Photo courtesy Symphony Holdings Ltd./Skins
