On November 15, Gelonghui announced that std dev group (01867.HK) estimated that based on the board of directors' preliminary review of the group's unaudited consolidated management accounts for the six months ending September 30, 2024 (which have not yet been reviewed or audited by independent auditors and/or the company's audit committee) and considering the currently available information to the board of directors, the group is expected to record a loss of no less than approximately 17 million Hong Kong dollars during this period, compared to a loss of about 7.1 million Hong Kong dollars for the six months ending September 30, 2023.
The board of directors believes that the increase in the group's expected loss during this period is mainly due to the following factors: (i) decreased revenues resulting from reductions in oil and construction and engineering-related business; (ii) increased impairment losses from long-term unrecovered trade and other receivables primarily from the group's construction and engineering-related businesses; (iii) increased administrative, operational, and financial expenses; and (iv) the two biogas projects invested in and built by the group have not generated any revenue during the six months ending September 30, 2024.