Gelonghui Group (01223.HK) announced on March 22丨Xinfeng Group (01223.HK) announced that compared with the net loss due to company owners of approximately HK$8.1 million for the year ended December 31, 2022, the Group expects to record a net loss attributable to company owners of not more than HK$210 million in 2023.
According to a preliminary assessment of the financial data currently obtained, the net loss expected to be accounted for by company owners for the year is mainly due to (i) a decrease in the fair value of investment properties; (ii) a loss in fair value of financial assets measured at fair value in the income statement; (iii) a corresponding increase in financing costs in the current year due to the increase in interbank interest rates in Hong Kong; and (iv) a lack of one-time income from the sale of the “PONY” business. This amount has been recorded in comparable years.