Recruitment firm Kos International (8042: HKG), based in Hong Kong, announced that it is expected to record a net loss for the nine months ended 30 September 2020 of approximately HKD 2.5 million (USD 0.3 million).

At the same time, revenue for the nine months ended 30 September 2020 decreased by approximately 19% as compared to the corresponding period in 2019.

The group’s expected net loss excludes the government subsidies of approximately HKD 3.1 million (USD 0.4 million) recognised in the nine months ended 30 September 2020 under the Employment Support Scheme and other subsidies under the government’s Anti-epidemic Fund in Hong Kong and Macau.  

This net loss compares to a net profit of approximately HKD 3.4 million (USD 0.4 million) for the corresponding period in 2019.

The company said the drop in net profit was mainly attributable to the on-going coronavirus crisis.

The group is still in the process of finalising its unaudited consolidated results for the nine months ended 30 September 2020.

Shares in Kos International closed yesterday at HKD 0.04 (USD 0.005), no change on the day. The company has a market cap of HKD 30.40 million (USD 3.9 million).