IBO TECH (02708) announces its performance for the fiscal year 2024. The company's owner's attributable loss is approximately 804 million yuan, an increase of about 2.3 times year-on-year.

IBO TECH (02708) announced its full-year performance for the year ending March 31, 2024. The revenue was approximately 199 million RMB, a decrease of 78.1% compared to the previous year. The gross profit was approximately 7.18 million RMB, a decrease of 92.4% compared to the previous year. The company's attributable net loss was approximately 804 million RMB, an increase of about 2.3 times; the basic loss per share was approximately 114.90 cents. The announcement stated that the decrease in revenue was mainly due to a significant decline in sales revenue of smart terminal products, and the liquidation petition filed against the company triggered a series of negative chain reactions, severely impacting the normal development of the business. The losses were mainly attributed to: (i) a provision for impairment loss of approximately 667 million RMB for receivables from terminated subsidiary companies (in 2023: zero); (ii) sales and cost of services provided was approximately 192 million RMB (in 2023: approximately 813 million RMB); (iii) a net impairment loss of approximately 112 million RMB under the expected credit loss model (in 2023: approximately 151 million RMB); (iv) financial costs of approximately 19.61 million RMB (in 2023: approximately 19.75 million RMB); (v) research and administrative expenses totaling approximately 43.59 million RMB (in 2023: approximately 98.96 million RMB); and (vi) other net losses of approximately 7.21 million RMB (in 2023: approximately 54.59 million RMB).