Many Idea Cloud (HKG:6696) expects an attributable loss of at least 185 million yuan for the year 2024, compared with an attributable profit of 30 million yuan a year prior, a Thursday filing by the marketing services provider with the Hong Kong bourse said.

The anticipated swing to loss was mainly due to a one-off incurrence of provision for impairment on intangible assets for SaaS, a rise in the provision for impairment loss on trade receivable and financial assets at amortized cost, and higher marketing, promotion, and administrative expenses.