According to the announcement released by Yu Zhi Nong (00875.HK), the company is expected to record a net profit of no more than 6.0 million Hong Kong dollars for the six months ending on June 30, 2024, while the net profit for the same period in 2023 was approximately 30.1 million Hong Kong dollars.

The decrease in the group's net profit is mainly attributed to the increase in administrative and other expenses due to the increase in consulting fees for the business development strategy design services provided by the group's food trading division during the reporting period; and (iii) the recognition of trade accounts receivable impairment losses during the reporting period, while the reversal of trade accounts receivable impairment losses was recognized in the same period in 2023, due to the recovery of impaired trade accounts receivable in the same period in 2023.