On April 12, GLONGHUI | Guangdong Land (00124.HK) issued an announcement. It is expected that the Group will record an unaudited loss attributable to company holders of not more than HK$100 million for the three months ending March 31, 2024, while unaudited profit attributable to company holders for the same period in 2023 is approximately HK$111 million. As of March 31, 2024, the Group's financial position remained stable.
According to the announcement, the main factors affecting the Group's expected performance for the three months ended March 31, 2024 include: (a) the Group recorded a sharp decrease in fair value income from investment properties during the review period compared to the same period in 2023; and (b) the net increase in sales and marketing expenses and financing costs compared to the same period in 2023 due to the Group's increased removal efforts and the cessation of capitalization of completed and held properties for sale.