On November 15, Glonghui International (01218.HK) announced that for the six months ending September 30, 2023, the Group expects to record a net loss of not less than HK$180 million in the current period, compared to the same period in 2022, a net loss of about HK$8.4 million.
The announcement stated that the increase in net losses was mainly due to (among other things) increased losses due to changes in the fair value of investment properties; increased impairment of holding and selling development properties; and increased financing costs. Part of this loss was offset by an increase in the fair value variable return of financial assets that were included in profit and loss at fair value.