On June 21, Grondlund announced that, according to a preliminary evaluation based on the unaudited comprehensive management accounts of the Group up to March 31, 2024 and the information currently available to the Board of Directors, the Group is expected to record a pre-tax loss of no more than HKD 27 million during the period (compared with a pre-tax loss of about HKD 26 million for the corresponding year up to 2023).

The increase in losses was mainly due to the following factors: (i) slower-than-expected recovery of global trade after the COVID-19 pandemic and reduced demand for shipping space due to the global economic downturn, leading to a decrease in revenue; (ii) increased warehousing costs; and (iii) increased selling and marketing expenses and administrative expenses (compared to previous years).