Gelonghui November 22|Rongfengyi Holdings (03683.HK) announced that for the six months ended September 30, 2023, compared with the net profit of about 1.4 million US dollars for the six months ending September 30, 2022, the Group is expected to record a net loss of no less than US$6.7 million during the reporting period.
The net losses recorded during the reporting period were mainly due to the following factors: (i) a decrease in earnings of about US$4.2 million due to a decrease in the average daily rental income of the Group's fleet; (ii) a decrease in other income of about US$2.6 million during the reporting period due to a decrease in the average daily rental income of the Group's fleet; as a result of confirmed earnings of approximately US$2.6 million in revised convertible bonds during the reporting period and no such income was confirmed during the reporting period; and (iii) impairment loss of property, plant and equipment was confirmed during the reporting period due to the decline in the fair value of ships owned by the Group on September 30, 2023, compared to the reduction in the value of property, plant and equipment during the same period The loss was approximately $700,000.