AustAsia Group (HKG:2425) expects a net loss of between 1.17 billion yuan and 1.38 billion yuan for the year 2024, up from 489 million yuan a year prior, a Tuesday filing with the Hong Kong bourse said.

The dairy farmer attributed the anticipated rise in loss mainly to changes in fair value less costs to sell of other biological assets, as well as a decline in the selling price of both raw milk and beef cattle.

Shares of the company were up over 5% in recent trade.