On November 15, Gelonghui reported that golden res dev (00677.HK) announced that the company expects to record an attributable loss to shareholders of approximately HKD 4,600,000 for the six months ending September 30, 2024, compared to an attributable profit of approximately HKD 82,300,000 for the same period in 2023.
The board of directors believes that the expected loss for the six months ending September 30, 2024, is primarily due to the combined effects of the following reasons: (i) a revaluation loss on investment properties of approximately HKD 13,900,000 for the current period, compared to a revaluation gain on investment properties of approximately HKD 79,800,000 for the same period in 2023; and (ii) an overall increase in sales and distribution costs of approximately HKD 16,500,000; the above factors are partially offset by (iii) a decrease in tax expenses of approximately HKD 24,200,000 compared to the same period in 2023.
