Gelonghui Group (03893.HK) announced on February 27, according to current information and preliminary review of the Group's unaudited comprehensive management accounts for the six-month period ended December 31, 2023, compared with the consolidated net loss of approximately HK$10.9 million for the six-month period ended December 31, 2022, the Group is expected to record a consolidated net profit of approximately HK$6.7 million during the period.
The Board considers that the Group's consolidated net profit for the period was mainly due to (i) the repayment of contract costs of approximately HK$6.3 million due to contract amendments; (ii) expected loss of approximately HK$6.4 million in repayment of loss contracts; and (iii) early termination of lease income of approximately HK$4.8 million. The above items are non-cash and non-recurring items.