Elate Holdings (00076.HK) announced on August 22 that the group is expected to record a shareholder's net income of approximately $27.7 million for the six months ending June 30, 2024 (compared to approximately $0.3 million in net income for the same period in 2023).

The board of directors believes that the increase in net income for the six months ending June 30, 2024 is mainly due to a one-time fair value gain of approximately $26.8 million recognized in the financial assets. Excluding the one-time fair value gain of financial assets, the company's net income is approximately $0.9 million, which is twice the profit of the same period last year. The increase in net income (excluding the one-time fair value gain of financial assets recognized in the income statement) is mainly due to strong sales from the manufacturing and sale of electronic products business by major customers, as well as a pricing readjustment.