H&H International (HKG:1112) said reported net profit is seen to plunge 80% to 100% year over year in 2024 in accordance with International Financial Reporting Standards, according to a Friday filing with the Hong Kong bourse.

The decline is attributable to a double-digit fall in its baby nutrition and care segment sales, and non-cash foreign exchange losses from the revaluation of a US dollar-denominated intragroup loan.

H&H also logged one-off marketing expenses from a product launch and a portfolio optimization activity, as well as impairments and higher finance costs, the filing said.

Revenue saw a mid-single-digit decline, with the vitamin, herbal and mineral supplements increasing in double digits.

The adult nutrition and care segment and the pet nutrition and care logged single-digit increases, the filing said.

The baby nutrition and care and the pediatric probiotic and nutritional supplements segments saw double-digit falls, the filing said.