IPE Group Limited provided earnings guidance for the year ended 31 December 2023. The company's net profit after tax for the year ended 31 December 2023 is expected to decrease by approximately 45% as compared with the previous year. The decrease in net profit after tax of the Group was primarily due to: (i) the drop in total sales of the Group by approximately 7% in 2023; (ii) the substantial amount of exchange gain recorded by one of the Group's subsidiaries in consequence of renminbi depreciation in the previous year, while the renminbi-denominated liability of the subsidiary had decreased in the current year, resulting in a significant decrease in exchange gain in 2023 as compared with that in the previous year; and (iii) the soar in borrowing costs in 2023 as a result of increasing lending rate since 2022 following interest rate hikes in United States.