On August 8th, GlobeNewswire announced that, according to the preliminary review of the latest unaudited comprehensive management accounts of the Group up to June 30, 2024 (relevant accounts have not been reviewed by the company's independent auditors or audit committee), taking into account the existing information of the board of directors, the Group is expected to record a net loss attributable to owners of approximately 35 million Hong Kong dollars, compared with a net loss attributable to owners of approximately 57 million Hong Kong dollars for the six months ended June 30, 2023, a significant decrease of about 39%.
The board of directors believes that the expected narrowing of the net loss attributable to the owners of the company for the current period is mainly due to the Group's implementation of tighter cost controls in various operating segments and the headquarters, as well as reduced administrative expenses during this period (including a significant reduction in legal and professional fees). However, they were offset by the following factors: (i) mainly due to temporary renovation work on the attached building of the Singapore Hua Xing Hotel, resulting in a reduction in income of about 4 million Hong Kong dollars and a reduction in gross profit of about 7 million Hong Kong dollars, and (ii) an increase in financial costs related to interest-bearing bank and other borrowings of about 7 million Hong Kong dollars.
