On February 20, GLONGHUI (Group) (00131.HK) announced that the company expects to record a profit of about HK$313 million for the six months ended 31 December 2023, while a loss of approximately HK$18 million was recorded in the same period last year.
The reversal of losses into profit was mainly the result of a combination of the following factors: (i) the resumption of sales of the Group's property projects in Shenzhen, China, which increased the Group's revenue and generated gross profit for the Group; (ii) the tax authorities refunded approximately RMB 328 million in corporate income tax on the Shenzhen project; and (iii) negative changes in the fair value of the Group's investment properties.