professionalvideopokerplayer| Clear Medical (01406.HK) Profit Alert: Expected annual pre-tax loss of approximately HK$79 million to HK$82 million

Gelonghui May 24 丨 Clear Medical (01406professionalvideopokerplayer.HK) issued an announcementprofessionalvideopokerplayer, the company expects to record a pre-tax loss of approximately HK$79.0 million to HK$82.0 million for the year ending March 31, 2024, while the company will record a pre-tax loss of approximately HK$2.9 million for the year ending March 31, 2023.

The expected increase in pre-tax loss for the year is estimated to be approximately HK$76.1 million to HK$79.1 million, mainly due to the following factors: 1) a decrease in expected revenue. The company expects revenue to decrease by approximately HK$23.0 million, resulting in an increase in overall pre-tax loss. The decrease in revenue was mainly due to the downturn in the local economy and intensified competition from participants in other industries.

2) Expected impairment losses on non-financial assets. The company is preparing to conduct a preliminary impairment assessment to determine the recoverable amount of non-financial assets of the two medical centers, which is subject to review and may change. The company expects impairment losses on non-financial assets of the two medical centers. One of the medical centers is committed to the prevention and control of myopia in children and has been losing money since its establishment. The lease agreement of another center is about to expire and has no intention of renewing it. Therefore, the company expects to recognize impairment losses of approximately HK$18.0 million to approximately HK$19.0 million on property, plant and equipment, and impairment losses of approximately HK$10.0 million on right-of-use assets in the consolidated statement of comprehensive income for the year. In comparison, no impairment loss was recorded in the previous year.

3) Expected increase in depreciation of right-of-use assets and depreciation of property, plant and equipment. The company expects depreciation of right-of-use assets and depreciation of property, plant and equipment to increase by approximately HK$12.0 million to HK$13.0 million during the year due to the establishment of a new medical center in Tsim Sha Tsui in July 2023, requiring additional equipment and rental properties.

4) Expected increases in consultancy fees, employee benefit expenses and other expenses. The company expects consultancy fees, employee benefits expenses and other expenses to increase by approximately HK$12.5 million to HK$13.5 million during the year, mainly due to the establishment of a new medical center in Tsim Sha Tsui in July 2023, requiring additional manpower. Due to business expansion, administrative expenses are expected to increase to support operations.

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