On March 8, GLONGHUI International Resources (01051.HK) announced that it is expected that for the year ending December 31, 2023, the Group will record a net profit of about 6 million US dollars, compared with a net loss of 89 million US dollars for the same period last year.
The shift from losses in the same period last year to profit for the year ended December 31, 2023 is mainly due to: 1. A sharp increase in earnings of US$62 million, mainly due to a sharp increase of US$47 million and US$16 million in dividends and distribution income from financial products and interest income of US$16 million, respectively; 2. An increase of US$16 million in revenue from fixed income investments other than as described in paragraph 1; and 3. A decrease of US$3 million in administrative expenses.