Many Idea Cloud Holdings Limited provided consolidated earnings guidance for the year ended 31 December 2023. For the year, the Group is expected to record a decrease in net profit attributable to owners of the Company by approximately 50% to 60%. The reason of decrease in profit of the Company was mainly attributable to, among other factors, increase in provision for impairment loss on trade receivables and other financial assets, primarily due to the fact that significant growth in revenue was accompanied by a rise in trade receivable, leading to an increase in provision for bad debts year ended 31 December 2023.
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