On June 27, Geelong announced that Reliance Glo HL (00723.HK) had recorded a 40% decline in revenue to HKD 305.6 million and a loss of HKD 4.453 million (profit of HKD 280,000 in 2023) attributable to owners of the company in the 2024 fiscal year, mainly due to the challenging business environment faced by the company. The Board of Directors does not recommend the payment of final dividend for the year ended March 31, 2024 (none in 2023).

The group incurred losses mainly because (i) the wood supply chain operation of the group ("wood supply chain operation") incurred losses, mainly due to the decline in its income, pressure on marginal profit, soaring energy costs in Europe, delays in freight transportation via the Red Sea route, and impairment losses on several accounts receivable; and (ii) the group's lending operations recorded a decrease in profit, mainly due to the decrease in income caused by the reduction in the scale of its loan portfolio.