Kinergy Corporation warns of significantly larger net loss

Kinergy Corporation Ltd. (HKEX:3302) has issued a profit warning, informing shareholders and potential investors that it expects to record a net loss after tax of approximately S$3.6 million for the year ended December 31, 2024. This compares to a net loss of approximately S$0.9 million for the year ended December 31, 2023. The company attributes the expected increase in net loss primarily to a fair value loss of investment securities of approximately S$575,000, compared to a fair value gain of approximately S$4,589,000 in the previous year, and an income tax expense of approximately S$805,000, compared to an income tax credit of approximately S$93,000 in the prior year. The announcement is based on unaudited consolidated management accounts, and the final results may differ. Kinergy advises caution when dealing in its shares. The company expects to publish the annual results announcement by the end of March 2025.