On June 21st, Glonhui announced that Magnusconcordia (01172.HK) is expected to reduce the expected loss attributable to shareholders of the company from about HKD 353 million for the year ending March 31, 2023 to about HKD 112 million to HKD 123 million for the year ending March 31, 2024.

The board of directors believes that the expected decrease in losses for the 2024 fiscal year is mainly due to the reduction of inventory impairment provisions for a property development project in Zigong City, Sichuan Province, China, which will be recognized on March 31, 2024. The company measures property inventory at the lower of cost and net realizable value, and provisions for impairment losses are made when the carrying amount of the property exceeds its recoverable amount.