Great Wall Huanya Holdings (00583.HK) announced that the company expects to record an unaudited consolidated profit of approximately HK $154 million to HK $171 million in the six months ended June 30, 2023, together with unaudited basic earnings per share of HK9.84 to HK10.88. Compared with the same period last year, shareholders' share of consolidated profit of about HK $138 million and unaudited basic earnings per share of about HK8.81 cents increased by about 12% to 24%, mainly due to: (a) the Group's investment properties are expected to record a revaluation of about HK $25 million to HK $27 million on June 30, 2023, and a fair value income of about HK $15.7 million on June 30, 2022 And (b) the Group is expected to share the profit of an associate of approximately HK $230 million to HK $232 million during the reporting period, compared with approximately HK $169 million of the associate in the same period last year, due to the gradual recovery of the growth rate of fair value income of the associate's investment property revaluation.
The above growth was mainly due to the gradual recovery of the property market in Hong Kong after the novel coronavirus disease outbreak, resulting in a rebound in the assessed value of the investment properties (mainly made up of commercial properties) of the Group and its associates.