MILLIONHOPE IND (01897) released its interim performance, with a net profit of HKD 6.751 million, an increase of 49.79% year-on-year.

MILLIONHOPE IND(01897) released the interim performance for the six months ending on September 30, 2024. The group achieved a revenue of HK$272 million, a decrease of 16.43% compared to the same period last year. The profit for the period was HK$6.751 million, an increase of 49.79% compared to the same period last year. Earnings per share were 1.64 HK cents. Despite the decrease in revenue by 16.4% and gross profit by 35.9%, the profit for the period increased. This was due to the reversal of impairment loss of HK$300,000 under the expected credit loss model for accounts receivable and contract assets in this period, while impairment loss of HK$7.9 million was recognized in past periods. Additionally, there was no recognition of losses from equity-accounted investees in this period, while losses of HK$6.8 million were recognized in past periods due to impairment losses in a development property in the equity-accounted investee in previous periods.