On August 29, Gelunhui announced its interim financial performance, with the group's income of approximately 0.518 billion Hong Kong dollars, a year-on-year increase of 223.11%, primarily due to the completion of sales of projects after the rain, which began in the second half of 2023. The attributable loss of the company's owners is approximately 0.219 billion Hong Kong dollars, compared to a loss of approximately 29.7 million Hong Kong dollars in the same period last year.
The increase in losses is mainly due to (i) a gross loss of approximately 51.2 million Hong Kong dollars from the sale of property units in the first half of 2024, compared to a gross profit of approximately 0.9 million Hong Kong dollars in the first half of 2023; (ii) a disposal of held-for-sale properties of 648 million Hong Kong dollars in the first half of 2024; and (iii) financing costs (after deducting the capitalized amount of qualified assets costs) increased from approximately 7 million Hong Kong dollars for the six months ended June 30, 2023 to approximately 83.4 million Hong Kong dollars for the six months ended June 30, 2024.
