GOLDEN RES DEV(00677) issues profit warning, expecting a shareholders' loss of approximately HK$4.6 million in the midterm, turning from a profit to a loss year-on-year.

GOLDEN RES DEV (00677) announces that the group is expected to incur a shareholders' net loss of approximately HK$46 million for the six months ended on September 30, 2024, compared to a shareholders' net profit of approximately HK$82.3 million for the same period in 2023. According to the announcement, the expected change from profit to loss for the six months ended September 30, 2024 is mainly due to the following factors: a revaluation loss of approximately HK$13.9 million on investment properties, compared to a revaluation surplus of approximately HK$79.8 million for the same period in 2023; an increase in overall sales and distribution costs of approximately HK$16.5 million; some of these factors are offset by a decrease in current tax expenses of approximately HK$24.2 million compared to the same period in 2023.