According to the Zhitong Finance App, Henghe Group (00513) announced its annual results for the year ended June 30, 2024. The group achieved a profit of HK$0.366 billion, a year-on-year decrease of 20.9%; losses attributable to the owners of the company were HK$0.257 billion, an increase of 161.8% over the previous year; and a loss of 37.67 HK cents per share.

According to the announcement, losses during the year were mainly due to a decrease in revenue and gross profit of approximately HK$95.2 million and HK$0.109 billion respectively. The sharp decrease in gross profit was mainly due to the fact that properties under development and properties for sale were affected by current property market conditions; confirmed losses of approximately HK$87.9 million due to changes in the fair value of investment properties; impairment losses of approximately HK$9.8 million in goodwill, intangible assets and right-of-use assets; and an increase in financial costs of about 18.1 million One million Hong Kong dollars. Basic loss per share was HK37.67 cents (2023: HK14.39 cents).