New Frontier Performance Announcement: A net loss of approximately HK$288 million was recorded in 2023

Hong Kong-listed company New Frontier Group announced its annual performance report for the year ending September 30, 2023. The financial report shows that New Frontier Group recorded a net loss of approximately HKD 288.7 million in the 2023 fiscal year, with operating revenue of approximately HKD 2.834 billion, a decrease of 68.7% year-on-year; gross profit of HKD 10.389 million, a decrease of 90.6% year-on-year; net profit increased from HKD 200 million in 2022 to HKD 287 million, an increase of 43.92% year-on-year.

New Frontier Group stated that the loss was mainly due to the increase in expenses for developing new business, the inability to extract cryptocurrency assets from the cryptocurrency trading platform FTX, provision for impairment loss of approximately HKD 86 million, and the increase in one-time expenses due to the company's human resources restructuring and cost management plan.