Fu Yu Corporation warns of net loss for FY2024

The group expects a total loss of $3.5m.

Fu Yu Corporation expects to report a net loss totalling $3.5m for FY2024.

The loss stems from a one-off non-cash goodwill impairment charge of $3.3m on its investment in Fu Yu Supply Chain Solutions (FYSCS) in FY2021, which has ceased operations since Q4 2024.

In a bourse filing, the group said that ceasing all business activities in FYSCS will allow it to reallocate resources to meet the anticipated demand for its manufacturing services.

In addition, Fu Yu is making a one-off non-cash goodwill impairment charge of $0.5m on the property, plant, and equipment of a subsidiary in China, as its recoverable amount is below its carrying value.

Excluding these impairments, the group expects to record an operating profit for FY2024, and an improvement in financial performance compared to FY2023.

Fu Yu will release its FY2024 results on or before 28 February. In the meantime, shareholders and potential investors are advised to exercise caution when dealing in the group’s shares.

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