China Literature (HKG:0772) forecasts it will swing to a net loss of between 150 million yuan and 250 million yuan in 2024 from a profit of 804 million yuan in 2023, according to a Tuesday filing with the Hong Kong Exchange.
The foreseen loss is attributable to a non-cash goodwill impairment of between 1.05 billion yuan and 1.15 billion yuan from the purchase of New Classic Media, the filing said.
The online literature platform company plans to release 2024 results on March 18.
Shares fell 7% during Wednesday's afternoon trading.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.