On February 19, China Environmental Resources (01130.HK) announced that the Group's unaudited consolidated loss for the six months ended December 31, 2023 is expected to increase to no less than HK$40 million compared to the loss of approximately HK$2.24 million for the same period in 2022.

The Board considers that the increase was due to the combined effects of (i) the reduction of other income to approximately HK$1.3 million; (ii) loss of fair value of investment properties of approximately HK$11.4 million; (iii) loss of approximately HK$30.4 million due to changes in fair value of biological assets minus cost of sale; and (iv) conversion of income tax expenses into income tax credits of approximately HK$8 million.