USPACE Technology Group (HKG:1725) expects a net loss of about 250 million yuan for 2024, an increase of 12.1% compared with 223 million yuan a year earlier, according to a Friday filing with the Hong Kong bourse.

The company attributed the expected increase in estimated net loss to lower operating expenses and non-cash impairment losses on certain properties, plants, and equipment.

The electronic manufacturing services (EMS) business plans to publish its annual results in March.

The company's shares were down over 2% at the close of trading.