On November 20, Gelonghui Group (00374.HK) announced that the Group expects to record a comprehensive profit of HK$28 million to HK$32 million attributable to the company's shareholders in the six months ending September 30, 2023, while in the same period last year, it recorded a comprehensive profit of approximately HK$58 million attributable to the company's shareholders.

The decrease in profit is mainly due to the fact that the period ending September 30, 2023 compared with the same period last year, the company's Japanese subsidiary Miyata Co., Ltd. did not have a one-time tax refund or the Hong Kong government's epidemic subsidy. In the six-month period ending September 30, 2022, Miyata received income tax and consumption tax refunds due to overpayment of taxes in previous years. After deducting corresponding professional expenses, the net tax refund amount was approximately HK$39,000,000, and there were no relevant refunds during this period.

Similarly, the company received an epidemic assistance subsidy of about HK$21 million from the Hong Kong government during the six-month period ending September 30, 2022, and there were no related subsidies during this period. Although there are no relevant tax refunds or subsidies, it is expected that the group's profits (excluding tax rebates and subsidies) attributable to corporate shareholders from the group's own business (excluding tax rebates and subsidies) will increase.