Time Interconnect changes accounting policies to align with Luxshare

Time Interconnect Technology Limited announced changes in its accounting policies to align with its parent company, Luxshare Precision Limited. The company will shift from the revaluation model to the cost model for leasehold land and buildings, impacting historical consolidated financial statements. The company expects decreases in total assets by HK$219.4 million and net assets by HK$163.6 million as of December 31, 2024. The new method should increase net profit for the year by HK$13.3 million. Time Interconnect will also change its depreciation method for plant and machinery to a straight-line method, expected to increase depreciation expenses by HK$13.8 million for the year ending December 31, 2025. The company says the changes will improve internal reporting and enable a better comparison of financial performance.