Gelonghui August 14th 丨Hongfu Hall (01446.HK) announced,The Group expects the Group to record losses attributable to company owners of HK$9.5 million to HK$9.9 million for the six months ending June 30, 2023, while the six months ending June 30, 2022 (“First Half of 2022”) will record a profit of HK$10.2 million due to company owners.

The Board believes that the decrease in profit due to company owners in the first half of 2023 is mainly due to the following reasons: 1. Non-recurring government grants and subsidies already received or receivable in the first half of 2022 were HK$12.3 million. 2. Due to the slower pace of recovery of the Hong Kong economy, particularly the restaurant industry, the Group's retail business revenue in Hong Kong has declined. 3. Gross margin declined slightly due to rising raw material costs, wages, and utility costs.