HK Stock Market Move | PINE TECH (01079) surges by more than 90%, expects to turnaround from loss to a profit of not less than HK$40 million for the whole year.

PINE TECH (01079) soared more than 90%, as of the time of drafting, up 90.63% to HKD 0.061, with a turnover of HKD 641,200. On the news front, PINE TECH plans to hold a board meeting on September 26 to approve the full-year performance. The company recently announced good earnings, expecting to achieve unaudited post-tax comprehensive net profit of no less than approximately HKD 40 million for the year ended June 30, 2024, compared to a post-tax comprehensive net loss of approximately HKD 107.6 million in the same period last year. The expected return to profit is mainly due to the significant increase in the group's income in the 2024 fiscal year; a significant decrease in general and administrative expenses in the 2024 fiscal year; no impairment losses on goodwill and intangible assets in the 2024 fiscal year; and income from the sale of subsidiary companies recognized in the 2024 fiscal year.