On March 7, GLONGHUI | CGII HLDGS (01940.HK) announced that the Group expects to record a net profit of not less than RMB 120 million for the year ended December 31, 2023, and a net profit of approximately RMB 117.4 million for the year ended December 31, 2022.
The increase in net profit was mainly due to (i) reduced administrative expenses for the year ended 31 December 2023, mainly due to reduced legal and professional expenses; and (ii) the decrease in group income tax expenses for the year ended 31 December 2023 was mainly due to the use of unrecognized cumulative tax losses.