Wang On Group Limited provided consolidated earnings guidance for the year ended 31 March 2023. For the year, the company expects profit attributable to owners of the parent of not more than HKD 15 million for the year ended 31 March 2023 as compared to the loss attributable to owners of the parent for the year ended 31 March 2022 of approximately HKD 305.2 million as published in the Company's 2022 annual report. This was primarily attributable to, among other things, (i) decrease in impairment losses of debt instruments, decrease in realized losses on disposal of debt instruments, and decrease in fair value losses on financial instruments at fair value through profit and loss, (ii) increase in
gross profit resulting from delivery of property projects owned by the Group, and (iii) decrease in net fair value losses on investment properties, as partially offset by (a) decrease in share of profits from delivery of completed residential projects from joint ventures, (b) new additions of write down of properties held for sales and properties under development, (c) reduction in revenue from treasury operation, as well as (d) increase in finance costs arising from interest rates increment.