Grand Ming Holdings (01271.HK) announced on November 15 that for the six months ended September 30, 2024, the group is expected to record a net profit decline of about 50% to 60% compared to the net profit for the six months ended September 30, 2023, of approximately 0.1111 billion Hong Kong dollars.

The announcement stated that the decline in net profit for this period is mainly attributable to the significant reduction in revaluation gains from investment properties during this period compared to the same period last year; however, this was partially offset by the increase in underlying profit for this period (defined as net profit after tax excluding fair value changes of investment properties). The increase in underlying profit was mainly driven by the increase in property sales revenue from the property development business.