Sino Vision Worldwide Holdings Limited (08086) said for the year ended 30 June 2020, the group is expected to record a substantial increase in loss after taxation by no less than 70%, as compared to that of approximately HK$90.74 million for the year ended 30 June 2019.
Such increase was mainly attributed to (1) the increase in provision for impairment loss on goodwill of approximately HK$31.8 million in relation to the Group's intellectual property rights licensing and international IP development, media integrated marketing and distribution agency and trading of sports and related products business; and (2) the decrease in reversal of provision for litigation and legal fee of approximately HK$10.5 million and written-back of provision of contingent consideration payable of approximately HK$25.8 million, both of which were recorded as the group's one-off other income and gains for the year ended 30 June 2019.
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