NEV brand ZO Future Group (2309.HK) said on Friday it expects to report a profit of up to HK$120 million ($15.3 million) for its fiscal year through June, reversing a loss of HK$314 million in the previous year. It attributed the return to profitability to a one-time gain of HK$357.8 million from the sale of a subsidiary.
ZO Future previously reported it was profitable in the six months to last December, the first half of its fiscal year, but only thanks to gains from offloading its debt-laden Birmingham City Football Club. Since then the company has pivoted to new energy vehicles (NEV). That business lost HK$49.3 million in the six months to December, more than double the HK$20.4 million it lost a year earlier.
ZO Future’s stock rose 1.2% on Monday to close at HK$2.10. The stock is down 1.4% this year.
By Doug Young
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