Gelonghui October 27?00896.HK announced that the Group expects to record a net loss of between HK $105 million and HK $115 million for the six months ended September 30, 2023. The net loss for the same period in 2022 was HK $77.6 million.
According to the announcement, the expected net loss was mainly due to an increase in interest expenses during the period and a further decrease in the valuation of investment properties held by the group and joint ventures and properties for sale in development. The decrease in valuation was recognised during the period through changes in the fair value of investment properties, write-downs of properties under development and share of the losses of the joint venture.