Glonghui November 24 | Guanzhong Bus Group (00306.HK) announced that compared with the consolidated loss before tax of approximately HK$40 million recorded in the same period last year, the Group expects to turn a loss into a profit and record a comprehensive profit before tax of approximately HK$19 million during the six-month period ending September 30, 2023.
The above conversion of losses to profits is mainly due to (i) a steady recovery in demand for cross-border transport services since the full resumption of customs clearance between mainland China and Hong Kong and Macau in early 2023; (ii) through friendly negotiations, some suppliers agreed to waive deferred payables during the pandemic period. The adjustment of this payable amount was reflected in the profit and loss for the current period; (iii) after the relaxation of the epidemic prevention and control measures in mainland China, the mainland China tourism industry ushered in a strong recovery, leading to an increase in revenue for the Group's mainland China business; and (iv) Effective cost of group implementation Positive results of control measures.