Oriental E H Group (00018.HK) announced on June 7 that for the fiscal year ended March 31, 2024 (the "reporting period"), the board of directors expects the group to record a comprehensive surplus attributable to owners of the company ranging from approximately HKD 65 million to HKD 80 million, while the comprehensive surplus attributable to owners of the company audited in the same period last year was approximately HKD 167 million.
The announcement stated that the decline in surplus was mainly due to (i) insufficient local economic activity directly leading to a decline in the group's media business income; (ii) during the reporting period, the government no longer provided support subsidies, while the group received government support subsidies of approximately HKD 22.277 million in the same period last year; (iii) in the same period last year, due to the sale of Australian properties and the settlement of disputes with Australian hotel operators regarding receivable operating license fees, the expected credit losses on net provisions for the total amount of recalled receivable operating license fees were approximately HKD 19.472 million; and (iv) at the end of the reporting period, the net value of the investment properties held by the group decreased and the net value of the impaired rental buildings was approximately HKD 9.473 million.
