Glonghui November 15 | Oaks International (02080.HK) announced that the board of directors expects the Group to record an unaudited comprehensive profit of approximately HK$8.5 million for the 6 months ended September 30, 2023, a decrease of 53.6% compared to the unaudited consolidated profit of about HK$18.3 million recorded in the 6 months ended September 30, 2022.
According to information currently available to the Board of Directors, it is anticipated that the reduction in unaudited consolidated profit for the six months ended September 30, 2023 is mainly due to the change in the denomination currency of the controlling shareholders' loans from RMB to Hong Kong dollars, resulting in the Group not recording any net foreign exchange gains or losses relating to this loan for the 6 months ended September 30, 2023. In contrast, due to the appreciation of RMB against the Hong Kong dollar in the six months ended September 30, 2022, the Group recorded net foreign exchange earnings of approximately HK$7.4 million on loans denominated in RMB at that time.