On August 19th, GeLonghui announced that Tongguan Gold (00340.HK) expects (i) to record a revenue of about HKD 0.85 billion for the six months ending on June 30, 2024, an increase of approximately 26% over the revenue of approximately HKD 0.677 billion in the same period in 2023; and (ii) a net income of approximately HKD 91 million for the middle of 2024, an increase of approximately 469% over the net income of approximately HKD 16 million in the same period of 2023.
The increase in revenue is mainly due to the increase in sales of mineral gold after the acquisition of Hongyong Investment Co., Ltd. and its subsidiary in July 2023. The increase in net income is mainly due to the increase in sales of mineral gold compared to the same period in 2023, as well as the increase in the average gold grade per ton of ore and the average selling price per gram of mineral gold.
