On April 25, GLONGHUI | Guangdong Land (00124.HK) announced that for the three months ended March 31, 2024, the Group's consolidated revenue was approximately HK$1,741 million (2023: HK$431 million), an increase of about 303.7% over the same period last year. The increase in revenue was mainly due to an increase in the total floor area of properties held for sale. During the period under review, the Group recorded losses attributable to company owners of approximately HK$99.75 million (2023: profit of HK$111 million).
The main factors affecting the above mentioned Group's results for the three months ended March 31, 2024 include: (a) the Group recorded fair value income (net of related deferred tax expenses) of about HK$140,000 in the three months ended March 31, 2024, a significant decrease from the same period in 2023; and (b) net sales and marketing expenses and financing costs increased by approximately HK$40.76 million and HK$27.81 million, respectively, due to the Group's increased de-escalation efforts and the cessation of capitalization of completed and held properties for sale.