According to the Zhitong Finance App, Hong Kong Chaoshang Group (02322) announced its results for the six months ended September 30, 2023. The group achieved profit of HK$87.998 million, a year-on-year decrease of 36.4%; the company's owners accounted for a profit of HK$4.397 million, compared with a loss of HK$15.632 million for the same period last year; profit per share of HK$0.11 cents.
According to the announcement, the transition from loss to profit during the period was mainly due to net effects of the following: changes in fair value of held investments and an increase in total sales proceeds of about HK$24 million; gross profit and other income decreased by about HK$9.9 million and HK$1.5 million respectively; total loss from impairment on receivables increased by about HK$3.4 million; and a decrease in administrative expenses of about HK$9.1 million.