Pine Tech (01079) announces profit growth. It is expected that the annual comprehensive net profit after tax will be no less than approximately 40 million Hong Kong dollars.

PINE TECH (01079) announced that the group expects the unaudited post-tax comprehensive net profit for the year ending June 30, 2024 to be not less than approximately HK$40 million, compared to a post-tax comprehensive net loss of approximately HK$107.6 million for the year ending June 30, 2023. The group's unaudited post-tax comprehensive net profit for the 2024 financial year is expected to turn loss into profit, mainly due to the following factors: significant increase in revenue in the 2024 financial year; substantial reduction in general and administrative expenses in the 2024 financial year; no impairment loss on goodwill or intangible assets in the 2024 financial year; and recognition of profits from the sale of subsidiaries in the 2024 financial year.