Hong Kong Chinese Limited (00655) announced that OUE Limited (a subsidiary of a major joint venture of the company) announced its results for the six months ended June 30, 2023. According to the information available to the company, the group is expected to make a profit of not less than HK $50 million in the six months ended June 30, 2023. The profit for the six months ended June 30, 2022 was about HK $269 million. The change is mainly due to the decrease in the profit contribution of the joint venture from its investment objects accounted for under the equity method, the increase in financial expenses and the decrease in the net fair value income of the joint venture holding investments designated at fair value to be included in profit or loss.
It is learnt that the consolidated profit attributable to shareholders of the Group is expected to be not less than HK $50 million during the period, compared with HK $297 million in the previous period.