Gelonghui June 12?02080.HK announced that for the year ended March 31, 2023, the board expected the group to record a consolidated profit of about HK $24.1 million, an increase of HK $24.2 million over the previous year's consolidated loss of about HK $100000.
The announcement said that the above expected operating results of the group changed from a comprehensive loss to a comprehensive profit mainly due to the combined impact of the following factors: (1) the income from the living and entertainment division decreased by HK $8.1 million throughout the financial year, mainly due to the serious negative impact of the COVID-19 outbreak on the industry and the slower-than-expected recovery after the COVID-19 outbreak. (2) as a result of the negative impact of COVID-19 on the club, the impairment loss on property, plant and equipment for that year was about HK $13.1 million; (3) due to the depreciation of RMB against the Hong Kong dollar, the net foreign exchange gain related to the loans of the controlling shareholder (denominated in RMB) was about HK $7.3 million, compared with a net foreign exchange loss of HK $3.5 million in the previous year And (4) in that year, a profit of about HK $4.6 million was recorded from the sale of properties, plant and equipment related to the photovoltaic business. The photovoltaic products business recorded a net loss of HK $18.9 million last year. The photovoltaic products business ceased operation in April 2022 and was liquidated in October 2022.