BRIEF: Boyaa profit soars on cryptocurrency gains

Boyaa Interactive International Ltd. (0434.HK) said on Sunday it expects to report its profit last year soared 640% to 680% last year thanks to gains outside its core online gaming business. Based on its reported profit of 117 million yuan in 2023, that means Boyaa ‘s profit last year reached between 750 million yuan to 910 million yuan.

Boyaa attributed the growth mainly to the surge in cryptocurrency prices, which boosted the value of its cryptocurrency holdings. It also credited revenue gains for its core gaming business, and smaller declines in the fair value of its financial assets last year compared with 2023. The company said its revenue rose between 15% and 20% last year from the 395 million yuan in reported in 2023.

Excluding the impact of non-operating one-off factors such as changes in the fair value of digital assets, the company expects to report its profit rose by a more modest 5% to 15% last year. Boyaa shares opened up 3.4% at HK$4.20 on Monday, but later reversed course and were down 2.2% midway through the trading day.

By Lau Chi Hang

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