New Focus Auto Tech Expects Increased H1 Losses

New Focus Auto Tech Holdings (HK:0360) has released an update.

New Focus Auto Tech Holdings Limited has issued a profit warning, indicating an expected net loss of RMB 15-17 million for the first half of 2024, a significant increase compared to the RMB 5.26 million loss in the same period of 2023. The increased loss is attributed to reduced revenue from non-core businesses, higher depreciation and amortization expenses, and a shift from credit loss reversals to allowances. Despite efforts to streamline operations and reduce costs, shareholders are advised to exercise caution when dealing in the company’s shares.

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