[Caihua News] Wachovia Industries and Merchants (00459.HK) announced that for the 11 months ended November 30, 2021, the Group recorded a consolidated net profit attributable to equity holders of approximately HK $45 million. It is expected that the Group will record a consolidated net profit attributable to equity holders for the year ended December 31, 2021, compared with a consolidated net loss of about HK $7 million for equity holders for the year ended December 31, 2020.

It is expected that the Group's performance will turn into profit and among other factors operating profit based on (I) the Group's agency business for the first 11 months up to 2021 has increased significantly compared with the same period last year. Through the implementation of a series of strategic measures, including the restructuring of the management team, the Group was able to increase its market share and seize the rebound in the non-residential property market in Hong Kong; and (ii) the operating profit of the Group's lending business for the first 11 months to 2021 increased compared with the same period last year.