Coolpad Group (HKG:2369) expects a loss attributable to the owners of about HK$245 million to HK$265 million for 2024, compared with HK$221 million a year earlier, according to a Thursday filing with the Hong Kong bourse.

The company attributed the expected wider loss to a decrease in gross profit, which declined due to clearance sales and low-margin products. There was also an increase in administrative costs along with financial costs.

The developer and manufacturer of smartphones plans to publish their financial results on or before March. 31.