New Fire Technology: Expected to turn a profit for the full year ending September 30, with a net profit of HKD 60 million

ChainCatcher news, the Hong Kong-listed company New Fire Technology has released a positive profit forecast for the period ending September 30, 2024, disclosing an expected turnaround to profitability for the full year by the end of September, with a projected net profit of approximately HKD 60 million. The company recorded a net loss of about HKD 289 million for the same period in 2023.

New Fire Technology pointed out that the expected net profit mainly comes from the approximately HKD 96.3 million generated from the sale of FTX claims completed in June this year; a reduction of about 44% in administrative expenses compared to last year due to ongoing cost management; and benefits from the rise in virtual asset prices and the continuous increase in total assets under fund management, leading to an increase in performance fee income and management fee income, which contributed to a gross profit growth of approximately HKD 34 million.