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Yunfeng Financial expects H1 net loss to narrow YOY

Yunfeng Financial Group Ltd. expects its net loss for the first half ended June 30 to narrow year over year.

The group forecasts a first-half net loss attributable to equity shareholders of HK$185 million, compared a net loss of HK$236.7 million in the prior-year period.

The company noted that it is still in the process of building its client base and scale of asset under management. It added that an amortization expense in relation to share awards that it granted was a factor in its first-half forecast.

The expense recorded in the first half amounted to HK$112 million, compared to HK$44 million in the prior-year period. If excluding this expense, Yunfeng Financial said it wold estimate its first-half net loss attributable to equity shareholders at HK$73 million, compared to a net loss of HK$192 million in the prior-year period.

Yunfeng Financial will report its interim results before the end of August.