On May 23, Truly International (00732.HK) announced that the consolidated net profit attributable to owners of the company was approximately HK$62 million compared with the same period of the previous year. It is expected that the company's first quarter results in 2018 will fall by approximately 80%.
The board of directors of Truly International believes that the decline in consolidated net profit was mainly due to the fact that the revenue decreased and fell by approximately 26.3% (approximately HK$1.46 billion), mainly due to the shipment of Chinese smartphones in the first quarter of 2018, compared with the first quarter of 2017. The decline; therefore, the company's comprehensive gross profit amount and the company's net profit attributable to the company's owners fell accordingly.
Second, the net loss of fair value of derivative financial instruments included in other gains and losses, the fair value change of the company's derivative financial instruments changed from a net profit of approximately HK$48 million to a net loss of approximately HK$40 million.
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