Glonghui November 30 | Dachang Group (00088.HK) announced interim results. For the six months ended September 30, 2023, the company's revenue was HK$9.42 million, up 429.21% year on year; profit attributable to the company's shareholders during the period was HK$35.7 million, loss for the same period last year was HK$33.1 million; and proposed interim interest of HK$0.12 per share.
The Group's performance during this period turned a loss into a profit, mainly due to (i) improved sales of the Group's properties; (ii) interest income increased due to rising interest rates; and (iii) benefiting from the resumption of business and tourism activities, the performance of the Group's associated company Hospitality Hotels Limited improved markedly.
The Group's investment in the Sheraton Hotel in Hong Kong is accounted for by equity law. Hotel land and buildings are measured using the cost method. According to current accounting standards, the value after deducting accumulated depreciation at cost.