On June 7th, Gelunhui announced that New Century GP (00234.HK) expects to record a net profit attributable to shareholders of not less than HKD 20 million for the current fiscal year ending March 31, 2024, compared with a net loss attributable to shareholders of approximately HKD 37 million last year.

The announcement stated that the expected performance turnaround from losses to profits was mainly due to a loss of approximately HKD 60 million in the cruise rental and leasing services business last year, which was sold in the current year and generated revenue of approximately HKD 10 million in the sale. In addition, the following factors also contributed to the group's improved profitability: (i) increase in fair value gains of investment properties in Singapore and decrease in fair value losses of investment properties in Hong Kong; (ii) increase in bank interest income; and (iii) improvement in securities trading business. Some of these factors were offset by increases in impairment loss provisions for the following: (i) debt-offsetting assets and (ii) receivables and interest on mortgage loans.