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Goldbond Group expects to narrow fiscal-year net loss

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Goldbond Group expects to narrow fiscal-year net loss

Goldbond Group Holdings Ltd. expects to significantly narrow its net loss for the fiscal year ended March 31 primarily due to lower losses from a joint venture.

The company said June 1 that the expected decrease in net loss is mainly attributable to a decrease in the share of loss of joint venture Rongzhong Group Ltd. to approximately HK$3 million from HK$1 billion in the prior fiscal year. Goldbond Group owns a 40% stake in the joint venture. At the same time, the company said it expects a decrease in impairment, net of gain, on its stake in Rongzhong Group by about HK$250 million.

In addition, the company expects an increase in impairment losses on advances provided to customers of approximately HK$126 million.

The company expects to report its fiscal full-year results in late June.